diff --git a/openpype/settings/ayon_settings.py b/openpype/settings/ayon_settings.py
index 36f96c9dc7..8c6524f423 100644
--- a/openpype/settings/ayon_settings.py
+++ b/openpype/settings/ayon_settings.py
@@ -1236,6 +1236,8 @@ def _convert_global_project_settings(ayon_settings, output, default_settings):
     for profile in extract_oiio_transcode_profiles:
         new_outputs = {}
         name_counter = {}
+        if "product_names" in profile:
+            profile["subsets"] = profile.pop("product_names")
         for profile_output in profile["outputs"]:
             if "name" in profile_output:
                 name = profile_output.pop("name")