With the proliferation of video traffic across the Internet and wireless networks, various compression standards for videos have emerged over the past two decades. Among them, Motion Joint Photographic Expects Group (M-JPEG) offers the advantages of no frame-to-frame error propagation, less computation cost, and achieving a short latency in both encoding and decoding. However, the bit-rate of M-JPEG stream is variable due to its dynamic frame size, and that leads to adverse outcomes such as inducing different quality-of-service (QoS) grades from servers and networks and inducing disturbances in a real-time network environment. This paper proposes a novel approach that can control bit-rate and also the individual frame size of M-JPEG video stream in real-time. Experimental results are provided to show that the proposed approach is amenable to direct, straightforward implementation and yet outperforms similar existing approaches in regulating the bit-rate and the frame size of M-JPEG streams.