In order to ensure adequate quality towards the end users at all time, video service providers are getting more interested in monitoring their video streams. Objective video quality metrics provide a means of measuring (audio)visual quality in an automated manner. Unfortunately, most of the current existing metrics cannot be used for real-time monitoring due to their dependencies on the original video sequence. In this paper we present a new objective video quality metric which classifies packet loss as visible or invisible based on information extracted solely from the captured encoded H.264/AVC video bit stream. Our results show that the visibility of packet loss can be predicted with a high accuracy, without the need for deep packet inspection. This enables service providers to monitor quality in real-time.