Video playback on a mobile device is a resource-intensive task. Since the battery life of a mobile device decreases with time, it is desirable to have a video representation which adapts dynamically to the available battery life during the playback process. A novel Hybrid Layered Video (HLV) encoding scheme is proposed, which comprises of content-aware, multi-layer encoding of texture and a generative sketch-based representation of the object outlines. Different combinations of the texture- and sketch-based representations are shown to result in distinct video states, each with a characteristic power consumption profile. Further, a smart content-aware caching scheme is proposed which is suitable for low-latency dissemination of HLV over the Internet. The proposed HLV representation, combined with the proposed caching scheme, is shown to be effective for video playback and dissemination on power-constrained mobile devices.