The double random phase encryption (DRPE) method is a well-known all-optical architecture which has many advantages especially in terms of encryption efficiency. However, the method presents some vulnerabilities against attacks and requires a large quantity of information to encode the complex output plane. In this paper, we present an innovative hybrid technique to enhance the performance of DRPE method in terms of compression and encryption. An optimized simultaneous compression and encryption method is applied simultaneously on the real and imaginary components of the DRPE output plane. The compression and encryption technique consists in using an innovative randomized arithmetic coder (RAC) that can well compress the DRPE output planes and at the same time enhance the encryption. The RAC is obtained by an appropriate selection of some conditions in the binary arithmetic coding (BAC) process and by using a pseudo-random number to encrypt the corresponding outputs. The proposed technique has the capabilities to process video content and to be standard compliant with modern video coding standards such as H264 and HEVC. Simulations demonstrate that the proposed crypto-compression system has presented the drawbacks of the DRPE method. The cryptographic properties of DRPE have been enhanced while a compression rate of one-sixth can be achieved. FPGA implementation results show the high performance of the proposed method in terms of maximum operating frequency, hardware occupation, and dynamic power consumption.