A method and system for managing bitrate of network traffic are provided. The method for managing bitrate of network traffic includes: receiving a packet; retrieving metadata from the packet and associating the packet with at least one traffic aggregate; determining a drop rate for the at least one traffic aggregate based on network flow data; and determining, based on the drop rate and the metadata, to forward or drop the packet. The system includes a packet processing module configured to receive a packet; a deep packet inspection module configured to retrieve metadata from the packet and associate at least on traffic aggregate with the packet; a control module configured to determine a drop rate for the at least one traffic aggregate based on network flow data; and a policy decision module configure to determine whether to forward or drop the packet based on the drop rate and the metadata of the packet.