A quick copy and paste from their site:
New capabilities of the Wowza Media Server 3 platform include:
* Integrated live adaptive bitrate (ABR) transcoding enabled by Wowza Transcoder™ AddOn eliminates the provisioning complexity typical of adaptive bitrate streaming, reduces needed access bandwidth by up to 80 percent, and enables better utilization of network resources such as routers and switches. Wowza Transcoder takes advantage of standard hardware to transform incoming live streams from encoders, IP cameras, IPTV headends, and other live sources into multiple stream sets for Flash RTMP and HTTP Dynamic Streaming (HDS), HLS, smooth streaming, and non-adaptive delivery for RTSP/RTP and MPEG-TS.
* Any-screen time-shifted delivery of live streams with Wowza nDVR AddOn enables Wowza licensees to increase revenues and viewer engagement by delivering premium catch-up TV services. Wowza nDVR significantly reduces cost by minimizing network storage requirements and simplifying the delivery workflow for all screens.
* Support for multiple studio-approved DRM platforms provides content owners and delivery networks with robust and truly secure streaming with on-the-fly encryption for both live and on-demand content to any screen — computers, mobile devices, and TVs — with a choice of industry-leading digital rights management platforms, including Verimatrix® VCAS™ and Microsoft PlayReady®.
* Unconstrained per-server capacity with no CPU core limitations means media publishers can take full advantage of the highly-threaded multicore hardware for even higher streaming efficiency and cost-effectiveness.
* Flexible and cost-effective licensing choices for any application and budget, including the risk-free monthly subscription license that requires no upfront investment and that provides free upgrades, automatic volume discounts, and the convenience of using any number of servers and AddOns with a single license key.