We consider the lossy quantum source coding problem where the task is to compress a given quantum source below its von Neumann entropy. Inspired by the duality connections between the rate-distortion and channel coding problems in the classical setting, we propose a new formulation for the lossy quantum source coding problem. This formulation differs from the existing quantum rate-distortion theory in two aspects. Firstly, we require that the reconstruction of the compressed quantum source fulfill a global error constraint as opposed to the sample-wise local error criterion used in the standard rate-distortion setting. Secondly, instead of a distortion observable, we employ the notion of a backward quantum channel, which we refer to as a "posterior reference map", to measure the reconstruction error. Using these, we characterize the asymptotic performance limit of the lossy quantum source coding problem in terms of single-letter coherent information of the given posterior reference map. We demonstrate a protocol to encode (at the specified rate) and decode, with the reconstruction satisfying the provided global error criterion, and therefore achieving the asymptotic performance limit. The protocol is constructed by decomposing coherent information as a difference of two Holevo information quantities, inspired from prior works in quantum communication problems. To further support the findings, we develop analogous formulations for the quantum-classical and classical variants and express the asymptotic performance limit in terms of single-letter mutual information quantities with respect to appropriately defined channels analogous to posterior reference maps. We also provide various examples for the three formulations, and shed light on their connection to the standard rate-distortion formulation wherever possible.