A multimedia program type of a received multimedia data is determined. Based on the determined multimedia program type, a peak bit rate limit and/or an average bit rate limit are determined. In instances where a transrated version of the multimedia data is to be stored, a remaining storage capacity of a storage device is determined and the peak bit rate limit and/or the average bit rate limit can be adjusted based on the remaining storage capacity. The multimedia data then is transrated to generate transrated multimedia data that has a peak bit rate that does not exceed the selected peak bit rate limit and/or having an average bit rate that does not exceed the selected average bit rate limit. The transrating of the multimedia additionally can include the application of rule sets based on content characteristics. After transrating, the multimedia data can be transmitted via a network to a destination multimedia device, stored locally for subsequent use, or a combination thereof.