Systems and methods for encoding multiple video streams in accordance with embodiments of the invention are disclosed. In one embodiment, a source encoder configured to encode source video as a number of alternative video streams includes a parallel processing system configured to collect statistics on source video data and write the statistics to shared memory in a first pass through received multimedia content, determine initial encoding information for source video data and write the initial encoding information to shared memory during the first pass, encode the source video data in parallel using collected statistics and initial encoding information to produce a plurality of alternative video streams during a second pass, and parallel encoding processes are configured to reuse additional encoding information that has already been determined for a portion of video and to generate additional encoding information that has not already been determined for a portion of video.