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I think this may be because:

- Doing adaptive bitrate like YouTube does means doing many transcodes.

- Transcoding is either extremely CPU intensive, bandwidth heavy or low quality.

- Transcoding in realtime requires further compromise on the above, to the point where distributing the transcode over multiple machines is necessary.

- There doesn't seem to be an agreed upon, browser supported protocol for live DASH. Static is easy enough but live is more difficult, especially when you add seeking, pausing etc.

- The above means you need both a backend and a frontend system.

- Running a system like this is very expensive. The entities interested in running it and able to do so are usually willing to pay for it.

All this said, Emby[0] can stream a transcode and perhaps its stack would be a good place to start.

[0]: https://emby.media

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