This document is a thesis presented to the Graduate School at the University of Missouri-Columbia by Shashi R. Shilarnav for the degree of Master of Science. The thesis examines solutions for transcoding a transport stream MPEG2 video from a VBrick system to lower bitrates suitable for streaming to a live audience. It discusses frameworks for transcoding the MPEG2 stream to formats like Windows Media Video, RealVideo, and H.264. It also describes developing a graphical user interface application to facilitate using the transcoding framework. The thesis compares different codecs for transcoding and analyzes the compression achieved and quality of the transcoded video streams.