We describe a compensation method for real-time multimedia streaming to improve the user-perceived quality of video. Based on TCP Friendly Rate Control (TFRC), this method takes advantage of the resources available at the proxy server and considers the contentaware principle as well. Using feedback from the client, the proxy server dynamically drops or compensates the enhancement layers of the MPEG-4 stream. We optimize performance by carefully choosing the compensation point to maximize the compensation effect, while at the same time meeting the constraints of the client buffer and realtime requirements. Compared to the traditional prefetch method, the proposed method can further improve the video quality which is demonstrated through extensive simulations.