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H264 is actually a pretty good codec for such content. Its based on motion vectors and you can define in which intervals the codec should encode a full frame, everything in between will be based on the last and next keyframe (simplifying here). x264 is probably the best h264 encoder out there and luckily open source. Probably the best way to use it is ...


Your best bet for this is to use streaming software. Open Broadcaster Software for example is able to take a video capture device input (such as using an HDMI capture device and an HDMI camera, or simply using a high end web cam) and combine it with a screen capture (built in feature) and turn it in to a video stream on the fly. It can then relay this ...

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