On Playstation 4's, Keep getting

Server Version#: 1.30.1.63
Player Version#: 5.53.5
Application tries to load a video, but the same error crashes the stream and causes an error, displaying “Playback Error: Not enough CPU for conversion of this item”. This is completely new problem and has only happened recently within the last day or two, since the update from what I gather. I have tried using all types of data rates, including 350 kb/s and it still does not play. Another issue is the app is just much more sluggish than it was before.

Previous working player version was 4.83.2, with a server version of 1.30.1.62

On your server, in settings-> transcoder check if “disable video stream transcoding” is checked. I had this issue too, make sure its unchecked and see if that’s the issue