High Throughput JPEG 2000 (HTJ2K) is a royalty-free image compression standard published in 2019 that enhances JPEG 2000 by replacing its slow block coder with a fast block coder. The resulting speedup (e.g. > 30x for lossless coding) obviously accelerates the encoding and decoding of images which can have a great impact for users. A less obvious benefit of the speedup is the enablement of low latency applications that were previously not possible with the original JPEG 2000 standard. Examples of these new potential applications are live, high-quality, low-latency broadcast video contribution, remote production, and IP-based production on-premise and on public cloud. This paper reviews the specific constraints and structures that allow HTJ2K to achieve end-to-end practical latencies as low as 0.5 milliseconds for 1080/60p content and 0.25 milliseconds for 2160/60p content. A comparison of various HTJ2K encoding parameters and their impact on quality, bitrate and latency are examined in the context of requirements of broadcast and IP-based applications. Specifically, we will compare the performance of different wavelet filters, code-block sizes and wavelet decomposition structures that are available with HTJ2K on image quality, bitrate and latency. Additionally, we examine the impact of multi-generation encode/decode cycle performance using HTJ2K on image quality. The performance of low-latency HTJ2K will also be compared to other codecs like VC-2, JPEG-XS and JPEG 2000 Part-1. The JPEG 2000 Part-1 comparisons will use the Broadcast Profile and Ultra-Low Latency (ULL) configurations configured according to VSF TR-01:2013 and VSF TR-01:2018, respectively. This paper also includes a review of standards and industry initiatives that are necessary to enable support for HTJ2K in low-latency studio-video-over-IP applications (i.e. VSF, ST2110, AIMS, etc.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .