  Diffusion models have achieved remarkable success in generating high quality
image and video data. More recently, they have also been used for image
compression with high perceptual quality. In this paper, we present a novel
approach to extreme video compression leveraging the predictive power of
diffusion-based generative models at the decoder. The conditional diffusion
model takes several neural compressed frames and generates subsequent frames.
When the reconstruction quality drops below the desired level, new frames are
encoded to restart prediction. The entire video is sequentially encoded to
achieve a visually pleasing reconstruction, considering perceptual quality
metrics such as the learned perceptual image patch similarity (LPIPS) and the
Frechet video distance (FVD), at bit rates as low as 0.02 bits per pixel (bpp).
Experimental results demonstrate the effectiveness of the proposed scheme
compared to standard codecs such as H.264 and H.265 in the low bpp regime. The
results showcase the potential of exploiting the temporal relations in video
data using generative models. Code is available at:
https://github.com/ElesionKyrie/Extreme-Video-Compression-With-Prediction-Using-Pre-trainded-Diffusion-Models-
