If you're interested, the JavaScript to do this is in this file - http://bugmuncher.com/assets/js/common.js - which reminds me, I really should minify that.
You may, however, want to investigate one of the other video hosting options out there who focus on business use. I've had some conversations with Wistia recently, and whilst they're wildly inappropriate for my use case, in general they seem quite impressive. Other options I'm aware of include Brightcove or hosting your video with a CDN.
Which means, someone has already thought of this and is trying to provide this service. So 'superice' you want to see what's out there and report back?
Seems like a great idea for a startup indeed: submit your video and in a few minutes, you get an e-mail with a link pointing to a zip with an example html file, 3 different HTML5 supported video formats and a flv file.
https://blog.mediacru.sh/2013/12/23/The-right-way-to-encode-...
Their code is open-source now all we need is a Docker image for it :-)
Video streaming is a major pain point that should be outsourced if possible.
I would love for someone to chime in here on what options to consider for self-hosting video at low-cost/high-scale.