Mac:

QuickTime Player

Apple’s default media player actually includes a number of great options for making your videos smaller. The only drawback to it is that you can't use it on any other operating systems.

To make a video smaller with QuickTime, open the app from your Applications folder and click File > Open File to load your video.

To begin making your video smaller, click File > Export As. Unfortunately, QuickTime doesn't give you as many options as some other apps. You’ll see 4k (if applicable), 1080p, 720p, and 480p options.
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PC:

There are many affordable applications to enable you to compress various video files and reduce video file size. Here are a few we suggest:

https://videoconverter.wondershare.com
​https://www.onlineconverter.com/compress-video
​https://www.minitool.com/moviemaker/reduce-video-size.html
​https://www.videosmaller.com
​https://clipchamp.com/en