We had transcoding as early as 2011. As that is when I made my first commits to the video jobs codebase, specifically to the transcoding jobs. It was quite late when we had the resources ($$$) to provide widespread availability of transcodes to the community.

Yeah; my perspective on “late” is probably pretty skewed, since I left as the rebranding was still being developed. I think the favorite new name when I left was something like Xarth; Twitch was a much better choice.