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YouTube --> PeerTube Next?
(lemmy.dbzer0.com)
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It seems like PeerTube does allow peer to peer streaming of watched videos too, so that might help mitigate the bandwidth requirements. The storage and transcoding requirements will be far larger than things like Lemmy though, agreed.
I'd expect p2p streaming to soften the blow for the traffic bill generated by popular videos. You'd always need somebody else to consume the content at the same time which doesn't happen in most cases.