1. A method of processing compressed video signal that includes a succession of image frames, the method comprising: analyzing the compressed video signal to generate one or more compression statistics; identifying a scene of the compressed video signal for re-encoding based on at least one of the compressed video signal and the compression statistics; selecting a target bit rate for re-encoding the identified scene based on the compression statistics and applicable compression constraints; and determining compression parameters for the identified scene based on the identified scene's compression statistics and the selected target bit rate.