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I've a high-quality movie of 720*304 dimension with a size of 1.45 GB, and duration of 2:20 Hrs.
I need to compress it to near about 700-750 MB with about 90% Picture quality and 70% sound quality.
Which format should I convert the video to from mp4,mpg,wmv,mkv or anything else ? Brute force is not an option !

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closed as not constructive by Ben Richards, Nifle, Breakthrough, iglvzx, slhck May 1 '12 at 18:52

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Video containers (MP4, MKV) habe nothing to do with the codec that's stored inside. Be aware of the difference: What is a Codec (e.g. DivX?), and how does it differ from a File Format (e.g. MPG)? – slhck May 1 '12 at 18:49
I've voted to close since this is really not that hard to do. Today, you want to encode with h.264, as Jerome mentioned in his answer. Just set the target size in your video encoding app, and you're good to go. – slhck May 1 '12 at 18:53
up vote 1 down vote accepted

I would recompile the video to h264 at around 700 kBit/sec, at the original resolution, and the sound to MP3 at 128 kbit/s. This will get you to around 735 MB or so.

For the video, use the best compressor you can lay your hands on (for example x264) and use variable bitrate and two pass compression — or set a target size. I use the compressor from Apple and am happy with it, although other tools like Handbrake exist.

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I took the liberty to add a link to Handbrake to your answer, since it uses x264 and is available for every platform. Otherwise, what you suggested is the way to go. – slhck May 1 '12 at 18:56

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