TVC: Tokenized Video Compression with Ultra-Low Bitrate

Tokenized visual representations have shown great promise in image compression, yet their extension to video remains underexplored due to the challenges posed by complex temporal dynamics and stringent bitrate constraints. In this paper, we propose Tokenized Video Compression (TVC), the first token-based dual-stream video compression framework designed to operate effectively at ultra-low bitrates. TVC leverages the powerful Cosmos video tokenizer to extract both discrete and continuous token streams. The discrete tokens (i.e., code maps generated by FSQ) are partially masked using a strategic masking scheme, then compressed losslessly with a discrete checkerboard context model to reduce transmission overhead. The masked tokens are reconstructed by a decoder-only transformer with spatiotemporal token prediction. Meanwhile, the continuous tokens, produced via an autoencoder (AE), are quantized and compressed using a continuous checkerboard context model, providing complementary continuous information at ultra-low bitrate. At the Decoder side, both streams are fused using ControlNet, with multi-scale hierarchical integration to ensure high perceptual quality alongside strong fidelity in reconstruction. This work mitigates the long-standing skepticism about the practicality of tokenized video compression and opens up new avenues for semantics-aware, token-native video compression.