New emerging technologies in the field of multimedia, such as high dynamic range and wide color gamut, challenge the performance of existing image and video data processing algorithms, especially in terms of visual data compression and its faithful representation. High dynamic range and wide color gamut offer to capture and to represent a scene with extended amount of details in both, luminance and chrominance, respectively. This paper presents and evaluates possible solutions to cope with such extended amount of visual information while delivering a faithful representation of visual information. More particularly, two approaches proposing novel color space, a constant intensity color difference signal representation called ICtCp, and novel compression optimization algorithm, reshaper, are described and subjectively evaluated. The results of the conducted experiments show competitive performance of two proposed approaches, ICtCp and reshaper, allowing 10% bitrate reduction while preserving the perceived quality.