A method and apparatus for transmitting compressed video content are provided. The method includes transmitting a codec selection request frame, the codec selection request frame including an identifier of one or more codecs to be used to compress video content and requesting approval of the use of the codec, receiving a codec selection response frame, the codec selection response frame including result information indicating whether the use of the codec is approved, and transmitting video content frames for the video content compressed by the approved codec based on the codec selection response frame. Each video content frame includes frame type information indicating a type of compression applied to the video content included in the video content frame.