Systems and methods for performing adaptive bitrate streaming using alternative streams of protected content in accordance with embodiments of the invention are described. One embodiment includes a processor, and non-volatile storage containing an encoding application. In addition, the encoding application configures the processor to: receive source content; obtain common cryptographic information; encode the source content as a plurality of streams including a plurality of alternative streams of content; and protect the plurality of alternative streams of content using the common cryptographic information.