Methods, systems, and computer readable media for performing image compression are disclosed. According to one exemplary method, the method includes identifying a canonical image set from a plurality of images uploaded to or existing on a cloud computing and/or a storage environment. The method also includes computing an image representation for each image in the canonical image set. The method further includes receiving a first image. The method also includes identifying, using the image representations for the canonical image set, one or more reference images that are visually similar to the first image. The method further includes compressing the first image using the one or more reference images.