Various embodiments describe a dynamic reconfiguration of a media processing system to optimize a latency performance. In an example, a computer system accesses a current latency performance of the media processing system. The latency is associated with performing a codec process on a current configuration of the media processing system. The current configuration includes virtual machines. The computer system estimates, based on the current latency performance and on historical latency performances associated with the current configuration, a next latency performance of the media processing system. The computer system also identifies, from potential configurations, an updated configuration of the media processing system based on a difference between the next latency performance and a target latency performance and on historical performances associated with the potential configurations. The updated configuration specifies an additional number of virtual machines associated with hosting the codec process. The computer system launches the additional number of virtual machines.