Light fields (or Lumigraphs) are an image-based rendering method. As light fields require a large number of images, memory and disk space requirements are a significant barrier to the practical use of light fields. In this paper, we explain how to greatly reduce the space demands of light fields by encoding them in an MPEG format. The encoding is comprised of an MPEG bitstream and two tables of precomputed information to aid real-time decoding. By restricting the parameters used for MPEG encoding, and by employing a caching system, new views of the compressed light field can be rendered at fast interactive frame rates on consumer hardware. Compression ratios of around 50:1 are demonstrated. Combined, the speed and compression make the use of light fields practical on consumer hardware.