FLV streaming means it can be sought to any position during video, and browser (Flash player) will buffer only from this position to the end. Thus streaming allows to skip boring parts or see video ending without loading the whole file, which simply saves bandwidth. Even H264 is more efficient, FLV is still a common container format for videos, because H264 is supported by Flash since version 9.115.
For using FLV streaming on the web, a pseudo-streaming compliant Flash player, such as Flowplayer, is needed. Streaming requires that the FLV has embedded key-frame markers (meta-data), that can be injected by any supported tool, e.g. flvtool2.
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