How can I minimize the size of an mp3 file?

I am trying to reduce the size of an mp3 file ( The audio is recorded from a conversation ). It is a lengthy one and goes beyond 60 MB for a 1 hour duration.

I need to reduce the file size so that it can be downloaded easily.

Thanks in advance.
avanworldAsked:
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caelwindCommented:
Reduce the quality. A recorded conversation can be set to 16Khz, the file sizes mentioned are for a  2.5 minute recording.
44kHz 128kbs *CD Transparency audio - stereo 2.194Mb
44kHz 96kbs *CD Quality - stereo 1.651Mb
 44kHz 64kbs *Near CD Quality - stereo 1.108Mb
22kHz 32kbs *Dialup High Quality - stereo 555kb
22kHz 22kbs *Radio Quality - mono 354kb
16kHz 16kHz *AM radio - mono 286kb
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Aaron FeledyDrupal Developer and ConsultantCommented:
You can use an mp3 encoder such as LAME. (http://lame.sourceforge.net)
You can set the bitrate for the mp3. The lower the bitrate, the lower the quality, so don't go too low. If you set it at about 48kbps, you should get a file size of about 22MB and still have decent quality sound for speech.
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MereteCommented:
Adding to the above there is also Audacity
http://audacity.sourceforge.net/
Optimizing MP3 exporting in Audacity
http://weblogs.asp.net/jasonsalas/archive/2005/05/26/408952.aspx
and super even though it's for video it can also be used to reduce the bitrates and save as mono with audio only, just dis-able the video aspect
http://www.snapfiles.com/get/supervc.html
http://www.videohelp.com/tools/SUPER
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Casey HermanCitrix EngineerCommented:
I would say one of the easiest and free ones out there is cdex.  It is older but if you go into the settings and set it to variable bitrate you wil dramatically reduce the file size and maintain quality.

Casey
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