Techniques for encoding optimization for obfuscated media are described. Generally, a portion of media is designated as sharing protected for a media sharing experience. According to various implementations, the portion of media is obfuscated using a key image to prevent the portion of media from being viewable in the clear by one or more participants in the media sharing experience. A particular participant can be designated as sharing privileged such that the particular participant has access to the key image and can use the key image to deobfuscate obfuscated media. According to various implementations, encoding of a media sharing experience is optimized based on one or more attributes of obfuscated media included in the media sharing experience.