Loud bangs can be heard and white flashes can be seen in the video, with the 39-year-old being wounded off-screen.
West Mercia Police said officers were called to Fownhope Close in Redditch at around 2pm on Christmas Eve after concerns were raised for the safety of a man, with a knife.
The force said attempts were made over “several hours” to deal with the incident but the man was shot at around 7.40pm. He was pronounced dead just after 8pm, police said.
The Independent Office for Police Conduct (IOPC) confirmed a knife had been recovered from the scene and said the police officers involved had “provided initial accounts”.
It added that it believed “tasers were fired by officers during the incident” and “at around 7.40pm the man was shot by a firearms officer at the property”.
The police complaints watchdog said it would conduct a “detailed and robust investigation” into the incident.
In response to the video, West Mercia Police said: “The Independent Office for Police Conduct is carrying out an independent investigation and it would therefore not be appropriate for us comment further while this investigation is on-going.
“However, we will do so when we are able”.
The IOPC confirmed the footage will be considered as part of the investigation.
Marcus Meade (right) with his brother Benjamin (Image: Family handout)
Jahziah Meade has paid tribute to Marcus following the tragic incident.
Jahziah has set up a GoFundMe page to help with the costs of Marcus’ funeral. More than £5,500 has already been donated to the fundraiser.
He said: “For me, he was a phenomenal brother – a great friend.
“He was a great person, he was always helpful. He couldn’t do enough to help everybody.
“He was like my twin – but there’s nine months between us. He has two beautiful children, we have a big family.
“We are all truly devastated. There’s an empty hole left in all of our hearts”.