A streaming media system employs dynamic rate adaptation. The method includes a file format compatible with legacy HTTP infrastructure to deliver media over a persistent connection. The method further includes the ability for legacy client media players to dynamically change the encoded delivery rate of the media over a persistent connection. The method provided works transparently with standard HTTP servers, requiring no modification and leverages standard media players embedded in mobile devices for seamless media delivery over wireless networks with high bandwidth fluctuations. A system is also specified for implementing a client and server in accordance with the method.