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Due to limited server and network capacities, proxies are introduced for streaming applications to cache multimedia content from the media source to enable a scalable service and to improve the user experience. In this paper we first review the security aspect of a proxy encryption framework recently presented by Yeung et al. featuring the multikey RSA technique. Then addressing the performance aspect, we propose a redesigned cost-efficient architecture, which is based on a media key management mechanism substantially different from Yeung et al. 's framework and improves the overall system significantly.