A computer-implemented system and method are described for performing video compression. For example, a method according to one embodiment comprises: encoding a plurality of video frames or portions thereof according to a first encoding format; transmitting the plurality of encoded video frames or portions to a client device; receiving feedback information from the client device, the feedback information usable to determine whether data contained in the video frames or portions has not been successfully received and/or decoded; in response to detecting that a video frame or portion thereof has not been successfully received and/or decoded, encoding a video frame or portion thereof according to a second encoding format; and transmitting the video frames or portions thereof to the client device.