The present invention provides a method for real-time generation and streaming of at least one interactive context based video according to video template, raw context related data and real time event data. The method comprising the steps of: receiving input data related to an identified template and context related data, receiving real time input of event data, while the subsequent portion of video is still in generation, choosing, updating and generating audible and visual materials, according to the predefined logic of the identified template in relation to real time data event, generating and encoding video frames for pre-defined portion based polling the generated/updated visual materials, generating continuous audio streams/frames for predefined portion of the video based on polling generated or updated audible materials and providing the generated streamable data of the predefined video portion at the external entity side, while the subsequent portion of video is still in generation.