1. An array camera, comprising: a processor; and a memory connected to the processor and configured to store an image processing application; wherein the image processing application configures the processor to: obtain image data, wherein: the image data comprises a set of images comprising a reference image and at least one alternate view image; and each image in the set of images comprises a set of pixels; generate a depth map based on the image data, where the depth map describes the distance from the viewpoint of the reference image with respect to objects imaged by pixels within the reference image; determine at least one prediction image based on the reference image and the depth map, where the prediction images correspond to at least one alternate view image; compute prediction error data based on the at least one prediction image and the at least one alternate view image, where a portion of prediction error data describes the difference in photometric information between a pixel in a prediction image and a pixel in at least one alternate view image corresponding to the prediction image; and generate compressed light field representation data based on the reference image, the prediction error data, and the depth map.