Hi, I tried posting in paid subscription forum as suggested but it keeps telling me I'm not allowed.
You don't have an active CB Paid Subscriptions membership or Developer membership. You've a Professional membership so you should be able to post in the Professional Members Support forums. I've moved your topic for you.
My question is: is there a way to trigger an option to reduce videos file size like there is for photos? I searched but didn't find it. Will it be in a new release? Or is there a tool somewhere?
No, not at this time. We don't provide any video processing only validation. Video processing will be available in a future release, but it will require you to have ffmpeg setup on your server.