Space-efficient key allocations in broadcast encryption systems are provided. In some embodiments, a key bundle is read. The key bundle includes a first cryptographic key, an associated first key identifier, and an associated first cryptographic function identifier. Encrypted content is received. A plurality of encrypted keys is received. Each encrypted key has an associated identifier. A first encrypted key is selected from the plurality of encrypted keys such that the key identifier of the first encrypted is equivalent to the first key identifier. A first cryptographic function is determined corresponding to the first cryptographic function identifier. The first cryptographic function is applied to the first encrypted key using the first cryptographic key to obtain a first intermediate cryptographic key. A content cryptographic key is determined using the first intermediate cryptographic key. The content cryptographic key is applied to the encrypted content to obtain decrypted content.