Need help designing a video streaming/caching solution on top of a rasberry Pi

So I was talking with a friend and he proposed something I found interesting and I was curious if there was already a pre-built solution for. If not I plan to design one for the fun of it. Basically he wants some kind of device (probably a rasberry PI) that can be configured and sent out to vendors to be plugged in to a TV. It should have a youtube or vimeo playlist that it cycles through but that it can cache until it detects a change (basically because a lot of these vendors have limited bandwidth). It should be remotely update able with a new list of videos. The basic idea being that a non-technical person can plug it into their TV, put in the WiFi credentials and then let it run. It would continuously play videos and would automatically detect and cache new ones.

I thought this was an interesting problem and I think I have an inkling of a solution but I wanted to toss it out here as well to see if anyone had a solution configured already.