How to render transparent video in WPF

Question

I am creating an app with WPF and I need to render a video with transparent background. Does anyone know of a tool or way to do it efficiently?

As far as I know WPF does not natively support rendering videos with transparent background or alpa channel. I have tried to extract each image of the video in a .png and then render it 1 by 1, as you can imagine this is not the most efficient.

Here is the code I am currently using to render the video (it doesn't support transparency)

MediaElement video = new MediaElement
                {
                    Source = new Uri(videoFile, UriKind.RelativeOrAbsolute),
                    Name = objectID,
                    Width = width,
                    Height = height,
                    Opacity = transparency,
                    Volume = mute ? 0 : 1,
                    LoadedBehavior = MediaState.Manual,
                    UnloadedBehavior = MediaState.Stop
                };

                video.MediaOpened += (s, e) =>
                {
                    video.SpeedRatio = 1.0;
                };

                int loopCount = 0;
                video.MediaEnded += (s, e) => 
                {
                    loopCount++;
                    if (loopCount < visibleTime) 
                    {
                        video.Position = TimeSpan.Zero; 
                        video.Play();
                    }
                    else
                    {
                        canvas.Children.Remove(video);
                    }
                };

                MultimediaUtilities.SetStretch(video, stretch);

                Canvas.SetTop(video, y - (height / 2));
                Canvas.SetLeft(video, x - (width / 2));
                Canvas.SetZIndex(video, layer);

                await Task.Delay(delay);

                canvas.Children.Add(video);
                video.Play();