diff --git a/m3u8/model.py b/m3u8/model.py
index 960a5ab3..84e8f1e8 100644
--- a/m3u8/model.py
+++ b/m3u8/model.py
@@ -475,7 +475,7 @@ def __init__(self, uri=None, base_uri=None, program_date_time=None, current_prog
         self.scte35_duration = scte35_duration
         self.scte35_elapsedtime = scte35_elapsedtime
         self.asset_metadata = asset_metadata
-        self.keys = keyobjects
+        self.keys = keyobjects or []
         self.parts = PartialSegmentList( [ PartialSegment(base_uri=self._base_uri, **partial) for partial in parts ] if parts else [] )
         if init_section is not None:
             self.init_section = InitializationSection(self._base_uri, **init_section)