A control strategy is provided for dynamically encoding multiple streams of video data in parallel for multiplexing onto a constant bit rate channel. The control strategy is a single pass strategy which allows individual encode bit rates to be dynamically adjusted for each video data stream based on part in relative complexity of the multiple streams of video data, as well as fullness of compressed video data buffers and a channel buffer coupled between the encoders and the constant bit rate channel. The control strategy includes encoding the multiple streams of video frames in parallel, and dynamically adapting encoding of at least one stream of the video frames based on relative complexity of the video frames. The bit rate for each stream of video frames is only changed at GOP boundaries, or if a scene change occurs. The calculated bit rate is preferably further modified based upon buffer fullness.