The present invention relates generally to systems, methods, and computer program products for optimally allocating a fixed number of bits among a plurality of multi-media data channels. The optimal number of bits is determined by preprocessing each channel to calculate complexity data, and then the complexity data is used to determine the optimal number of bits to assign to each channel. The optimal number of bits may be determined by a closed loop controller in communication with one or more channel encoders, and the multi-media channels may contain video data conforming to the MPEG2 video format.