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In today's video tutorial, the speaker explains how to reduce file size for photos on an iPhone. They first recommend going to the camera settings and selecting the high efficiency format for capturing photos and videos, which reduces file size but may lower quality. This setting is found under the camera format options in the settings application. Choosing high efficiency over most compatible will result in smaller file sizes, although quality may be slightly reduced. This step is essential for anyone looking to conserve storage space on their device.