diff --git a/m3u8/model.py b/m3u8/model.py
index ed5e3c57..960a5ab3 100644
--- a/m3u8/model.py
+++ b/m3u8/model.py
@@ -167,7 +167,12 @@ def _initialize_attributes(self):
         self.segment_map = [InitializationSection(base_uri=self.base_uri, **params) if params else None
                      for params in self.data.get('segment_map', [])]
         self.segments = SegmentList([
-            Segment(base_uri=self.base_uri, keyobject=find_key(segment.get('key', {}), self.keys), **segment)
+            Segment(
+                base_uri=self.base_uri,
+                keyobjects=[
+                    find_key(segment_key, self.keys)
+                    for segment_key in segment['keys']],
+                **segment)
             for segment in self.data.get('segments', [])
         ])
 
@@ -430,8 +435,8 @@ class Segment(BasePathMixin):
     `byterange`
       byterange attribute from EXT-X-BYTERANGE parameter
 
-    `key`
-      Key used to encrypt the segment (EXT-X-KEY)
+    `keys`
+      Keys used to encrypt the segment (EXT-X-KEY)
 
     `parts`
       partial segments that make up this segment
@@ -448,9 +453,9 @@ class Segment(BasePathMixin):
 
     def __init__(self, uri=None, base_uri=None, program_date_time=None, current_program_date_time=None,
                  duration=None, title=None, bitrate=None, byterange=None, cue_out=False,
-                 cue_out_start=False, cue_in=False, discontinuity=False, key=None, scte35=None,
+                 cue_out_start=False, cue_in=False, discontinuity=False, keys=None, scte35=None,
                  oatcls_scte35=None, scte35_duration=None, scte35_elapsedtime=None, asset_metadata=None,
-                 keyobject=None, parts=None, init_section=None, dateranges=None, gap_tag=None,
+                 keyobjects=None, parts=None, init_section=None, dateranges=None, gap_tag=None,
                  media_sequence=None, custom_parser_values=None):
         self.media_sequence = media_sequence
         self.uri = uri
@@ -470,7 +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.key = keyobject
+        self.keys = keyobjects
         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)
@@ -486,14 +491,9 @@ def add_part(self, part):
     def dumps(self, last_segment, timespec='milliseconds'):
         output = []
 
-        if last_segment and self.key != last_segment.key:
-            output.append(str(self.key))
-            output.append('\n')
-        else:
-            # The key must be checked anyway now for the first segment
-            if self.key and last_segment is None:
-                output.append(str(self.key))
-                output.append('\n')
+        if not last_segment or (self.keys and self.keys != last_segment.keys):
+            for key in self.keys:
+                output.append(str(key) + '\n')
 
         if last_segment and self.init_section != last_segment.init_section:
             if not self.init_section:
@@ -610,7 +610,7 @@ def uri(self):
 
 
     def by_key(self, key):
-        return [ segment for segment in self if segment.key == key ]
+        return [ segment for segment in self if key in segment.keys ]
 
 
 
diff --git a/m3u8/parser.py b/m3u8/parser.py
index 82d43071..47e615db 100644
--- a/m3u8/parser.py
+++ b/m3u8/parser.py
@@ -2,6 +2,7 @@
 # Copyright 2014 Globo.com Player authors. All rights reserved.
 # Use of this source code is governed by a MIT License
 # license that can be found in the LICENSE file.
+from copy import copy
 
 import iso8601
 import datetime
@@ -62,7 +63,7 @@ def parse(content, strict=False, custom_tags_parser=None):
     state = {
         'expect_segment': False,
         'expect_playlist': False,
-        'current_key': None,
+        'current_keys': [],
         'current_segment_map': None,
     }
 
@@ -95,6 +96,7 @@ def parse(content, strict=False, custom_tags_parser=None):
 
         elif line.startswith(protocol.ext_x_discontinuity_sequence):
             _parse_simple_parameter(line, data, int)
+            state['current_keys'].clear()
 
         elif line.startswith(protocol.ext_x_program_date_time):
             _, program_date_time = _parse_simple_parameter_raw_value(line, cast_date_time)
@@ -135,7 +137,7 @@ def parse(content, strict=False, custom_tags_parser=None):
 
         elif line.startswith(protocol.ext_x_key):
             key = _parse_key(line)
-            state['current_key'] = key
+            state['current_keys'].append(key)
             if key not in data['keys']:
                 data['keys'].append(key)
 
@@ -222,6 +224,7 @@ def parse(content, strict=False, custom_tags_parser=None):
         elif state['expect_segment']:
             _parse_ts_chunk(line, data, state)
             state['expect_segment'] = False
+            state['current_keys'].clear()
 
         elif state['expect_playlist']:
             _parse_variant_playlist(line, data, state)
@@ -280,9 +283,8 @@ def _parse_ts_chunk(line, data, state):
     segment['scte35_elapsedtime'] = scte_op('current_cue_out_elapsedtime', None)
     segment['asset_metadata'] = scte_op('asset_metadata', None)
     segment['discontinuity'] = state.pop('discontinuity', False)
-    if state.get('current_key'):
-        segment['key'] = state['current_key']
-    else:
+    segment['keys'] = copy(state['current_keys'])
+    if not state['current_keys']:
         # For unencrypted segments, the initial key would be None
         if None not in data['keys']:
             data['keys'].append(None)