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Reduce mp4 video to smaller file?

I have an 8 minute mp4 video, which is 130 MB, that I want to make smaller,
and I don’t care if the video image is smaller, so that I can email the
video and the reciever can play it on Windows Media Player. I receive videos
from friends, and when I play them in Windows Media Player, the video is
small, so I know there is a way… Also on YouTube the video is small, and
some of them run 9 minutes or so, but how is it done?

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