Hello all,
Use the following code to compress the recorded video quality and size.

- (void)compressRecordedVideoWithInputURL:(NSURL*)inputURL 
                                   outputURL:(NSURL*)outputURL 
                                     handler:(void (^)(AVAssetExportSession*))handler
{

     [[NSFileManager defaultManager] removeItemAtURL:outputURL error:nil];
            AVURLAsset *asset = [AVURLAsset URLAssetWithURL:inputURL options:nil];
            AVAssetExportSession *exportSession = [[AVAssetExportSession alloc] initWithAsset:asset presetName:AVAssetExportPresetLowQuality];
            exportSession.outputURL = outputURL;
            exportSession.outputFileType = AVFileTypeQuickTimeMovie;
            [exportSession exportAsynchronouslyWithCompletionHandler:^(void) 
            {
                handler(exportSession);
                [exportSession release];
            }];
}