Images are a substantial portion of the internet, making efficient compression important for reducing storage and bandwidth demands. This study investigates the use of Singular Value Decomposition and low-rank matrix approximations for image compression, evaluating performance using relative Frobenius error and compression ratio. The approach is applied to both grayscale and multichannel images to assess its generality. Results show that the low-rank approximations often produce images that appear visually similar to the originals, but the compression efficiency remains consistently worse than established formats such as JPEG, JPEG2000, and WEBP at comparable error levels. At low tolerated error levels, the compressed representation produced by Singular Value Decomposition can even exceed the size of the original image, indicating that this method is not competitive with industry-standard codecs for practical image compression.