Systems and methods for employing hardware-assisted virtualization for implementing a secure video output path. An example processing system comprises: a memory; a shared interconnect; and a processing core communicatively coupled to the memory via the shared interconnect, the processing core to: initialize a first virtual machine and a second virtual machine; responsive to receiving a memory access transaction initiated by the first virtual machine to access a memory buffer, tag the memory access transaction with an identifier of the first virtual machine; and responsive to receiving a digital content decoder access transaction initiated by the second virtual machine, tag the digital decoder access transaction with an identifier of the second virtual machine.