Amazon S3 Hosting Streaming Video

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If I make an Amazon s3 MP4 resource publically availible and then throw the Html5 Video tag around the resource's URL will it stream? Is it really that simple. There are a lot of "encoding" api's out there such as pandastream and zencoder and I'm not sure exactly what these companies do. Do they just manage bandwidth allocation(upgrading/downgrading stream quality and delivery rate/cross-platform optimization?) Or do encoding services do more then that.

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