It's definitely possible. I was on a video forum a while ago and I asked about it and some guy managed to compress a video file to 1MB/min, at 320x180 resolution (video file's name says 240x180, but VLC media player says 320x180). The video (and sound quality) are fine and he said that it wasn't even a challenge (implying that he could most likely get the video to my file size, which isn't even much of a difference anyway).
I think he used MainConcept Refernce, with H.264, at MP4, which my brother has. I used it to compress the video to about 136kbps (about 1MB/min), but there were many artifacts that were very distracting (his video has no artifacts), he said that he won't give the settings he used away for free, so I don't know what settings he used to get it so good.
Has anyone here had any experience with MainConcept Reference? Do you know what settings he could have used to get it so good? Is there any other software that you use that you are sure will be able to compress my videos to 1MB/min, with no artifacts?
Here is his video that he successfully compressed with good quality: http://dl.dropbox.com/u/27054690/Mar...s%20Sample.mp4
Please help me if you can.