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Unless I'm missing something, this is nothing that can't already be done by http://Zencoder.com

Pay as you go pricing

HD @zencoder: $0.10 per minute HD @AET: $0.03 per minute

Ok, thanks :)

AWS is cheaper as terpua mentioned... but Zencoder has been awesome for us. Easy to set up and our video processes have been running with zero problems.

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