This paper introduced a matrix parametrization method based on the Loeffler discrete cosine transform (DCT) algorithm. As a result, a new class of 8-point DCT approximations was proposed, capable of unifying the mathematical formalism of several 8-point DCT approximations archived in the literature. Pareto-efficient DCT approximations are obtained through multicriteria optimization, where computational complexity, proximity, and coding performance are considered. Efficient approximations and their scaled 16- and 32-point versions are embedded into image and video encoders, including a JPEG-like codec and H.264/AVC and H.265/HEVC standards. Results are compared to the unmodified standard codecs. Efficient approximations are mapped and implemented on a Xilinx VLX240T FPGA and evaluated for area, speed, and power consumption.