Live media streaming (audio and video) technology has boosted up in the recent years. With this, the real time data flow over the network has increased and many algorithms are developed to prevent the congestion of the network. Most of the them are developed for TCP network and only few of them for UDP network. Moreover, these algorithms use programming languages such as Python, Java, etc. which has a vast variety of libraries. This paper highlights an algorithm implemented in C++, to control the bit rate of real-time video over UDP network. The streaming is accomplished with simultaneous execution of image streaming and audio steaming, hence realizing video streaming as a whole. The packets are sent into the network in a manner to attain the required bit rate, which is achieved by varying the size of the buffer at sending device. Total travel time of a single frame is estimated using timestamps and average travel time is calculated. Total travel time along with size of buffer together decides the bit rate. Additionally, required network delay is introduced with the help of timer. It is a simple and stand-alone media streaming process, with highly-reduced complexity. The main aim of the paper is to achieve programmable delay and variable bit rate enabled video streaming for space applications.