AWS Elemental MediaConvert does not natively have that functionality; however, there is a GitHub project that leverages CloudFormation templates to create a stack for simulating "Watchfolder" processing between S3 and MediaConvert via Lambda functions.
Here's a link to the project: https://github.com/aws-samples/aws-media-services-vod-automation/tree/master/MediaConvert-WorkflowWatchFolderAndNotification
From the project's README.md file:
Walkthrough of the Workflow
- The Ingest user uploads a video to the WatchFolder bucket /inputs
folder in S3. Only files added to the /inputs folder will trigger
the workflow.
- The s3:PutItem event triggers a Lambda function that calls
MediaConvert to convert the videos.
- Converted videos are stored in S3 by MediaConvert.
- When the conversion job finishes MediaConvert emits aws:mediaconvert
Job State Change Event type CloudWatch events with the job status.
- The COMPLETE and ERROR status events trigger SNS to send
notifications to subscribers.
Since the Lambda is triggered by s3:PutItem events, this means you may have to move those tens of thousands of assets to the /inputs folder which could incur costs.