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Wide use of broadband networks and high-efficiency personal computers facilitates distribution of live video content through the Internet. Digital watermarking for video helps protect the copyright of the video content, making real-time watermark embedding an essential requirement for content distribution. This paper describes a real-time embedding system suitable for live content distribution that uses software on an ordinary personal computer. Real-time processing is achieved by combining all the processes related to watermark embedding, and by shortening the watermark embedding time by reusing the estimated watermark imperceptibility among neighboring frames. A prototype system demonstrated the validity of the proposed system.