For the server itself, a lot of people use providers with cheap bandwidth like OVH and Hetzner. Digital ocean is great but it's still bill by your bandwidth usage, probably not ideal to host video contents that can rack up a lot of bandwidth usage.
As for the application itself, just use ffmpeg to convert hls/dash and just dump it behind nginx, no need for fancy stuff imo.
Cloudflare stream is also a relatively cheap alternative to host your video if you do a lot of video embedding on your site. I heard that some school networks block it, but other than that it's been working great and I've been using for one of my client to host their private lecture videos.
Vimeo is also a great alternative and relatively cheap too. My only gripes is it's blocked in certain countries, but otherwise it's fine if you don't care to serve visitors from those countries.
As for the application itself, just use ffmpeg to convert hls/dash and just dump it behind nginx, no need for fancy stuff imo.
Cloudflare stream is also a relatively cheap alternative to host your video if you do a lot of video embedding on your site. I heard that some school networks block it, but other than that it's been working great and I've been using for one of my client to host their private lecture videos.
Vimeo is also a great alternative and relatively cheap too. My only gripes is it's blocked in certain countries, but otherwise it's fine if you don't care to serve visitors from those countries.