One month after we announced AES dynamic encryption for live streaming, today we are excited to add PlayReady encryption for your live streams as well. With Azure Media Services, our supported streaming protocols, such as Http-live-streaming (HLS), Smooth Streaming and MPEG-DASH, you could configure either AES or PlayReady encryption and deliver the encrypted live stream.

via Announcing Azure Media Services Live Streaming With PlayReady encryption capability | Microsoft Azure Blog.

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