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I actually did try hosting the raw videos first. Playback is kind of terrible when the source bitrate is >20MB/s. You really need adaptive-bitrate streaming.

Thankfully ffmpeg support for DASH and HLS is very good. It’s not hard to transcode, this does all the right incantations. It can take a lot of CPU/time, but it’s a one-time thing.

This uses video.js which wraps <video> and adds a lot more goodies.

You're right, thanks for reminding me of the simple, straightforward way!