A method and apparatus for dynamically transcoding and delivering variable bit rate media files delivers media files to client systems. The media server dynamically transcodes a content file to a bit rate requested by a client using an original content file or other transcoded content files. The media server can dynamically select a segment of a content file to transcode. The file format required by the client is determined and the transcoded segment is formatted to the file format. The formatted segment is delivered to the client.