[edited 2016-11-24 to include Windows Server 2016 info]
I've been asked several times if Windows Media Services would be supported on Windows Server 2012. It is not. Microsoft stopped new development on WMS when Windows Media Services 2008 R2 was released. WMS is now in maintenance mode. This means that WMS will be maintained for serious bugs and security issues, but no further development will be done. The replacement technology is Smooth Streaming with IIS Media Services. See http://www.iis.net/media for more information. Also, Microsoft now has a cloud offering to deliver video content from Windows Azure. Windows Azure Media Services delivers cloud hosting and encoding so that you do not have to have your own server infrastructure.
Most of the features that WMS had have similar replacement features in IIS Media Services. The one main exception is support for multicast. For that you will still need to use Windows Media Services.
IIS Media Services will install on versions of IIS up to but not including IIS 10.
|Windows Media Services||IIS Media Services (Smooth Streaming)|
|Windows Server 2008||Supported||Supported|
|Windows Server 2008 R2||Supported||Supported|
|Windows Server 2012||Not Supported||Supported|
|Windows Server 2012 R2||Not Supported||Supported|
|Windows Server 2016||Not Supported||Not Supported|