Assessing video content transmitted over networked content infrastructures becomes a fundamental requirement for service providers. Previous research has shown that there is no direct correlation between traditional network QoS and user perceived video quality. This paper presents a study investigating the impact of individual packet loss on four types of H.264 main-profile encoded video streams. Four artifact factors to model the degree of artifacts in video frames are defined. Further, the visibility of artifacts considering the video content characteristics, encoding scheme and error concealment is investigated in conjunction with a user study. The individual and joint impacts of artifact factors are explored on the test video sequences. From the results of user tests, the artifact factor-based assessment method shows superiority over PSNR-based and network QoS based quality assessment.