Video hosting service

Hello,

I'm looking for a cloud video distribution service to host the videos of my website.

I would like a service where I can upload my video, then the service encode the video in whatever format is needed then I just have to embed them on my website, like you would do with Youtube.

Vimeo does have a pro version but porn content isn't allowed.

I found "SproutVideo", it does a great job but the plans are really too small and it get expensive very quickly.

Do you guys know a cheap and efficient way to handle that? My goal is to have a easy system for uploading, encoding and embedding videos.

Thanks!