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In Premiere Pro, to reduce file size without losing quality, click the button to export a smaller file size. Change the format to h.265 for higher quality. Set settings to match source for correct configurations. Enable two boxes under "More" button. Set performance to high under hardware encoding. For bitrate encoding, choose vbr1 pass for smallest file size and high quality. Reduce the bitrate from 50 to 10 for smaller file size.