A system and method for managing multicast streams. For example, one embodiment of a system comprises: a distributed caching system including at least one cache at an edge of a live content provider network, the live content provider to generate a live video stream to be cached and/or buffered within the distributed caching system; an agent to request multicast services from a packet-based network, the packet based network to establish a multicast channel at a location, the location including a plurality of wireless access points; and manifest processing logic associated with the agent to generate an updated manifest from an original manifest associated with the live video stream, the updated manifest to include an indication of the multicast channel, wherein a plurality of video player apps executed on user devices at the location are to interpret the indication of the multicast channel in the manifest to connect to the multicast channel, the plurality of video player apps to simultaneously receive and render the live video stream, or a transformed version thereof, over the multicast channel.