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Azure Media Services enables you to provide audio or video content that can be consumed on-demand or via live streaming. For example, NBC used Azure Media Services to stream the 2014 Olympics (http://blogs.microsoft.com/blog/2014/02/06/going-for-gold-windows-azure-media-services-provide-live-and-on-demand-streaming-of-2014-olympic-winter-games-on-nbc/#sm.00001fhr9yr2zfciwlu2fkqhgu8kp).

To use Media Services, you can call the .NET or REST APIs, which allow you to securely upload, store, encode, and package your content. You can build workflows that handle the process from start to finish and even include third-party components as needed. For example, you may use a third-party encoder and do the rest (upload, package, deliver) using Media Services.

Media Services is easy to scale. You can set the number of Streaming Reserved Units and Encoding Reserved Units for your account. Also, although the storage account data limit is 500 TB, if you need more storage, you can add more storage accounts to your Media Services account to increase the amount of available storage to the total of the combined storage accounts. And last but not least, you can use the Azure CDN with Media Services for the fastest content delivery possible.

Source of Information : Microsoft Azure Essentials Fundamentals of Azure Second Edition