Are you running the beta release? Some of the recent 1.15.x builds had problems with transcoding.
Plex Media Server 1.15.1.710 is now available to Plex Pass users in the Beta update channel
- Support for hardware transcoding on Windows has been restored
Plex Media Server 1.15.1.791 is now available to Plex Pass users in the Beta update channel
- (Transcoder) Failures transcoding multi-channel audio on Windows