Windows Media Services

[1] In addition to streaming, WMS also has the ability to cache and record streams, enforce authentication, impose various connection limits, restrict access, use multiple protocols, generate usage statistics, and apply forward error correction (FEC).

It can also handle a high number of concurrent connections making it suitable for content providers.

Typically, Windows Media Player is used to decode and watch/listen to the streams, but other players are also capable of playing unencrypted Windows Media content (Microsoft Silverlight, VLC, MPlayer, etc.)

The Scalable Networking Pack for Windows Server 2003 adds support for network acceleration and hardware-based offloading, which boosts Windows Media server performance.

[4] It is also not supported on Windows Server 2012, having been replaced with IIS Media Services.