Can not play IPTV (live) streams on IOS using expo-av and React Native

Question

I have created an IPTV player app in Expo and React Native which plays live streams (channels) from across the world. I am using Video module from expo-av to play these videos. The live streams play fine on android devices but fail with error The server is not correctly configured. - The AVPlayerItem instance has failed with the error code -11850 and domain "AVFoundationErrorDomain". on IOS. Sometimes the video just does not play and no exception is thrown either.

Here is a sample link to a channel's live stream: http://line.xyz.live/7531601783/8396847476/193257

I have tried adding the following lines to info.plist file but nothing seems to work for me.

<key>NSAppTransportSecurity</key>
    <dict>
      <key>NSAllowsArbitraryLoadsForMedia</key>
      <true/>
    </dict>