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I just finished watching the "Deliver a better HLS audio experience" session and it seemed like multichannel AAC should work, even though some devices may decode it as stereo.
I'd assume Apple TV to be one of the devices that decode full multichannel AAC, because the route definitely supports it (it outputs 7.1 PCM to the receiver), however this doesn't seem to be the case even with tvOS 14 beta. Is this intentional?