Recode your video with a modern codec, often saving space
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Recode your video using the modern libx265 video codec and copy the audio stream as is.
You can change the -crf number to adjust the quality (lower = higher quality. More info here)
If your video was captured by a smartphone, it likely uses a codec that is quick and easy on the battery, recoding with with libx265 can often save around 40% of storage space, without a discernible reduction in quality.