How to update License key for wowza streaming engine?

You can replace the existing license key with the new license key @muthu kumaran:

To add or change license keys in Wowza Streaming Engine Manager, do the following:

  1. Click the Server tab, and then click Server Setup in the contents panel.
  2. On the Server Setup page, click Edit.
  3. In the License Keys box, enter your license key for Wowza Streaming Engine. If you need to enter multiple license keys, enter each license key on a separate line.
  4. Click Save, and then click Restart Now at the top of the Server Setup page when prompted. The new license(s) take effect after the server is restarted.

https://www.wowza.com/docs/how-to-get-started-as-a-wowza-streaming-engine-manager-administrator#add-license-keys