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To reduce file size in Premiere Pro, click on the export button and adjust settings to h265 for higher quality. Set file location and name, then change format to h265 for better quality. Go to video tab, click on Match source for correct settings, enable boxes, set performance to high, and select vbr1 pass for smallest file size and high quality. Adjust bitrate to reduce file size, with 10 being a recommended value for quality.
