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Video summarization enables convenient and efficient management of large volume of visual data. However, most existing summarization approaches are based on either the pixel domain information or conventional video compression standards. As the most recent and popular international video coding standard, H.264/AVC adopts a number of advanced techniques and brings not only opportunities but also challenges to video summarization. In this paper, we propose a real-time image storyboard generation algorithm for H.264/AVC compressed videos by using both compressed domain and pixel domain information jointly and adaptively. This algorithm extracts compressed domain information for visual content representation, video structuring and candidate representative frame selection. By fusing both compressed domain and pixel domain information, the redundancy in the candidate representative frames is further reduced. Our experimental results show that the proposed algorithm can efficiently produce image storyboards conforming to human interpretation of the essential content in generic videos.