The statistical properties of a map of the primary fluctuations in the cosmic microwave background (CMB) may be specified to high accuracy by a few thousand power spectra measurements, provided the fluctuations are Gaussian, yet the number of parameters relevant for the CMB is probably no more than similar to10-20. Consequently, there is a large degree of redundancy in the power spectrum data. In this paper, we show that the moped data compression technique can reduce the CMB power spectrum measurements to similar to10-20 numbers (one for each parameter), from which the cosmological parameters can be estimated virtually as accurately as from the complete power spectrum. Combined with recent advances in the speed of generation of theoretical power spectra, this offers opportunities for very fast parameter estimation from real and simulated CMB skies. The evaluation of the likelihood itself, at Planck resolution, is speeded up by factors up to similar to10(8) , ensuring that this step will not be the dominant part of the data analysis pipeline.