A content delivery system and method that receives a request for a content stream that includes splice points. The method receives a playlist that includes an ordered list of media segment files that represent the content stream, and splice point tags, where generation of the media segment files aligns segment boundaries with the splice points in the content stream, and where each splice point tag is in a location in the playlist that corresponds to the position of one of the splice points in the content stream. The method identifies an insertion position in the playlist based on the location of the splice point tags, selects an advertisement segment, inserts the advertisement segment at the insertion position to create a modified playlist, removes the splice point tags from the modified playlist, and sends the modified playlist to the video display device.