If you are sending large chunks of text data over the internet using HTTP protocol, then there are already some technologies in place to help you.
One is called HTTP Compression. HTTP protocol specifications allow few compression algorithms to perform on data being sent, but that requires the server and client to be properly configured for compression. Standard Node.js server will not compress the data without modifying code.
For bare Node.js without any frameworks and 3rd party modules there is zlib module made specially for HTTP compression, both server and client.
Using Express? Then there is a compression middleware.
It might also be worth looking using nginx as a proxy server to your node.js applications. Then you can easily flip the switch ON for compression in nginx, without needing to do anything in your Node.js application at all:
server {
gzip on;
...
}
It really depends on the stack you are using, but the idea is same: compress the HTTP stream itself, as it is supported by the protocol.