The packager takes encoded renditions and produces the delivery format: it segments the media, writes the HLS and DASH manifests, and applies Common Encryption for DRM. It is the bridge between encoding (what the bits are) and delivery (how the player gets them).
Packaging can be static (pre-package every format and store it) or just-in-time (a JIT packager builds segments and manifests on demand from a single stored mezzanine-like set). JIT trades compute for storage flexibility and is what lets one set of files serve HLS, DASH, and different DRM combinations on the fly - especially powerful when paired with CMAF.
