Yes, it is. FFMPEG is a free and open-source multimedia framework capable of streaming, converting and recording video and audio. If you offer video sharing options on your website then FFMPEG can be the best-suited converter and can handle high demand and traffic ( if used correctly). You will also need a good web hosting provider who offers FFMPEG hosting and related support.
You will need a good web hosting provider with server-based modules allowing both video and audio to be encoded, published and streamed on your website.
Here are a few hosting options for you if you plan to use FFMPEG as converter and encoding tool on your website :