Adding Letterbox to video stream?

I didn't find anything in the specs, so maybe it simply isn't possible, but I guess asking to make sure won't hurt.

I'd like to add a letterbox (i.e. black bars) around the video without actually doing so, that is, without recoding the vide.

The reason for that is, of course, subtitles.

Is this currently possible at all? Or planned? Or even useful?

Cyberman

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