Compressing Size of Video Files

My digital camaera (picture/video, not an actual video camera) takes MOV videos. The sizes are large, like 30-50M for a 1-2min video. Is there a FREE program that simply compresses the size of the file, without loosing so much quality?
It is an Olympus C-7000 camera. 5x Zoom. 30x digital zoom.
Thanks.