The project involves design, implementation and demo of a Multimedia Communication System. This system must consist of at least 5 components:
1. Capturing the media
2. Compressing the media
3. Transmitting the media over the network
4. Uncompressing the media
5. Rendering the media
Don't forget that media is the plural of medium, so there needs to be either medium+medium or medium+something (computer vision, sensor, big data, cloud, AI, etc.)
Examples are video streaming, teleconferencing, remote haptics, remote face login, remote fingerprint login, cloud gaming, etc.
You do not need to design new compression techniques or network protocols: you can use existing ones.