A method, system and computer readable media for real-time chromakey matting using image statistics. To identify the chroma key spectrum, the system/method executes in three stages. In an off-line training stage, the system performs semi-automatic calibration of the chroma key parameterization. In the real-time classification stage, the system estimates the alpha matte on a GPU. Finally, an optional error minimization stage improves the estimated matte, accounting for misclassifications and signal noise. Given the resulting matte, standard alpha blending composites the virtual scene with the video feed to create the illusion that both worlds coexist.