Receiver synchronization of continuous media streams is required to deal with delay differences and variations resulting from delivery over packet networks such as the Internet. This function is commonly provided using per-stream playout buffers which introduce additional delay in order to produce a playout schedule which meets the synchronization requirements. Packets which arrive after their scheduled playout time are considered late and are discarded. In this paper, we present the Concord algorithm, which provides a delay-sensitive solution for playout buffering. It records historical information and uses it to make short-term predictions about network delay with the aim of not reacting too quickly to short-lived delay variations. This allows an application-controlled tradeoff of packet lateness against buffering delay, suitable for applications which demand low delay but can tolerate or conceal a small amount of late packets. We present a selection of results from an extensive evaluation of Concord using Internet traffic traces. We explore the use of aging techniques to improve the effectiveness of the historical information and hence, the delay predictions. The results show that Concord can produce significant reductions in buffering delay and delay variations at the expense of packet lateness values of less than 1%.