Method and system for ad insertion in over-the-top live media delivery

A computerized device operable as a client or an ad segment proxy in a content delivery system, comprising:

• memory storing computer program instructions;
• one or more processors for executing the instructions;
• input/output (I/O) circuitry connecting the computerized device to external devices;
• and
• interconnect circuitry connecting the memory, processor(s) and I/O circuitry together,
• wherein the computer program instructions are operative when executed by the processor(s) to cause the computerized device to perform a method of processing a live content stream including:
• detecting metadata indicating program boundaries in the live content stream;
• extracting advertisement decision server, program identifier, and/or advertisement spot information from the metadata;
• issuing an advertisement placement request to an advertisement decision server;
• including advertisement decision server, program identifier, and/or advertisement spot information in the advertisement placement request to the advertisement decision server;
• receiving and processing the advertisement placement response from the advertisement decision server,
• wherein the advertisement decision server response is cached locally for use in future advertisement replacement opportunities;
• determining advertisement program boundaries;
• and
• replacing stream advertisement asset segments of the live content stream with segments indicated in the advertisement placement response, wherein the segments indicated in the advertisement placement response are transparently proxied from a network proxy to the computerized device.