A streaming video server generates a virtual file system that includes virtual addresses of a plurality of encrypted segments of a plurality of video programs at each of a plurality of bitrates, without storing the plurality of encrypted segments in persistent storage. A request is received from a client device to access a selected one of the plurality of video programs via a request to access the virtual file system. The plurality of encrypted segments of the selected one of the plurality of video programs are generated at a selected bitrate, in response to the request.