1. A method for compressing a source image for compressing a source image comprising pixels, each pixel comprising red-green-blue (RGB) image data, on a processor that supports vector processing comprising: planarizing the image into its R, G and B components by sending a series of processor instructions to the processor, each processor instruction operating on data plurality of pixels simultaneously; converting the planarized image into luminance-orange-green (YCoCg) image data by sending a series of processor instructions to the processor, each processor instruction operating on data plurality of pixels simultaneously; compressing the Co and Cg components of the YCoCg image by sending a series of processor instructions to the processor each processor instruction operating on data plurality of pixels simultaneously; and storing the compressed image data.