ObjectVideo proposes to design and implement a fully automatic event-based adaptive video compression system to encode a video with different bitrates by analyzing events in the scene. We will provide the modular system with the following innovations: 1) Automatic detection of entities-of-interest and events-of-interest from a moving platform sensor by parsing the video; 2) Optimal and dynamic bitrate allocation for each event by solving a bandwidth-constrained utility maximization problem; 3) Interactive event editing and visualization tool; and 4) Evaluation and identification of tradeoffs with processing time, bandwidth, recognition rate and video quality.