This paper presents an evaluation of the latest MPEG-5 Part 2 Low Complexity Enhancement Video Coding (LCEVC) for video streaming applications using best effort protocols. LCEVC is a new video standard by MPEG, which enhances any base codec through an additional low bitrate stream, improving both video compression efficiency and and transmission. However, there is an interplay between packetization, packet loss visibility, choice of codec and video quality, which implies that prior studies with other codecs may be not as relevant. The contributions of this paper is, therefore in twofold: It evaluates the compression performance of LCEVC and then the impact of packet loss on its video quality when compared to H.264 and HEVC.The results from this evaluation suggest that, regarding compression, LCEVC outperformed its base codecs, overall in terms average encoding bitrate savings when using the constant rate factor (CRF) rate control. For example at a CRF of 19, the average encoding bitrate was reduced by 18.7% and 15.8% when compared with the base H.264 and HEVC codecs respectively. Furthermore, LCEVC produced better visual quality across the packet loss range compared to its base codecs and the quality only started to decrease once packet loss exceeded 0.8-1%, and decreases at a slower pace compared to its equivalent base codecs. This suggests that the LCEVC enhancement layer also provides error concealment. The results presented in this paper will be of interest to those considering the LCEVC standard and expected video quality in error-prone environments
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