Low bitrate encoding of panoramic video to support live streaming over a wireless peer-to-peer connection

An apparatus comprising an interface and a processor. The interface may be configured to receive video streams each from a respective capture device, receive data from a playback device to determine a region of interest and output one or more upcoming video frames of an encoded panoramic video stream to a communication device. The processor may be configured to (a) generate the encoded panoramic video stream from the video streams, (b) select a target area for the upcoming frames of the encoded panoramic video corresponding to the region of interest, (c) encode the target area using first parameters, (d) encode a remaining area of the panoramic video outside of the target area using second parameters and (e) present the upcoming frames to the interface. Encoding using the first parameters generates a different bitrate than using the second parameters.