1. A method of compressing a plurality of channels of video, said method comprising the steps of: encoding a group of video frames including a predetermined number of consecutive frames of each channel, said encoding step including the substeps; (a) taking an initial frame of each channel, including a reference initial frame of a reference channel; (b) predicting a subsequent frame of each channel including a reference predicted frame, each said predicted frame corresponding to one of said initial frames; (c) determining an intra-channel actual difference between each said initial frame and said corresponding predicted frame; (d) determining an initial inter-channel difference between said reference initial frame and each said initial frame of the other channels by subtracting said reference initial frame from each said initial frame of the other channels; and (e) determining a predicted inter-channel difference between said reference predicted frame and each said predicted frame of the other channels.