The effective extraction of key frames from a video stream is an essential task for summarizing and representing the content of a video. Accordingly, this paper proposes a new and fast method for extracting key frames from a compressed video. In the proposed approach, after the entire video sequence has been segmented into elementary content units, called shots, key frame extraction is performed by first assigning the number of key frames to each shot, and then distributing the key frames over the shot using a probabilistic approach to locate the optimal position of the key frames. Moreover, we implement our proposed framework in Android to confirm the validity, availability and usefulness. The main advantage of the proposed method is that no time-consuming computations are needed for distributing the key frames within the shots and the procedure for key frame extraction is completely automatic. Furthermore, the set of key frames is independent of any subjective thresholds or manually set parameters.