I'm planning to add more features to the current Chromecast android application that i have developed. Does the chromecast mediaplayer api have some mechanism to trans-code the video on the fly? Also, is there an API which can help me display subtitles within the chromecast?
There is no api for transcoding. As for subtitles, it was added in the latest version of the SDK, you need to look at each SDK (receiver, iOS or Android) to see what has been added.