A set-top box (STB), digital video recorder (DVR), video player or other host device receives and interacts with a transcode module to provide enhanced transcoding capabilities that may be useful in placeshifting or other applications. The transcode module includes a host interface that couples to and communicates with the host device. The transcode module also includes a processor that receives an encrypted media stream from the host device via the bus interface, decrypts the encrypted media stream, transcodes the encrypted media stream to a different format, re-encrypts the transcoded stream, and provides the re-encrypted media stream to the host device via the host interface. The transcoded media content may be placeshifted to a remote player, stored at the host, or used for any other purpose.