Compressing video while recording movie with UIImagePickerController?

Use a custom class (SDAVAssetExportSession) for video compression. You can download it from this link. After loading into the project add the files SDAVAssetExportSession.h and SDAVAssetExportSession.m, then the code below will help you compress

- (void)compressVideoWithInputVideoUrl:(NSURL *) inputVideoUrl
{
    /* Create Output File Url */

    NSArray *paths = NSSearchPathForDirectoriesInDomains(NSDocumentDirectory, NSUserDomainMask, YES);
    NSString *documentsDirectory = [paths objectAtIndex:0];
    NSFileManager *fileManager = [NSFileManager defaultManager];
    NSString *finalVideoURLString = [documentsDirectory stringByAppendingPathComponent:@"compressedVideo.mp4"];
    NSURL *outputVideoUrl = ([[NSURL URLWithString:finalVideoURLString] isFileURL] == 1)?([NSURL URLWithString:finalVideoURLString]):([NSURL fileURLWithPath:finalVideoURLString]); // Url Should be a file Url, so here we check and convert it into a file Url


    SDAVAssetExportSession *compressionEncoder = [SDAVAssetExportSession.alloc initWithAsset:[AVAsset assetWithURL:inputVideoUrl]]; // provide inputVideo Url Here
    compressionEncoder.outputFileType = AVFileTypeMPEG4;
    compressionEncoder.outputURL = outputVideoUrl; //Provide output video Url here
    compressionEncoder.videoSettings = @
    {
    AVVideoCodecKey: AVVideoCodecH264,
    AVVideoWidthKey: @800,   //Set your resolution width here
    AVVideoHeightKey: @600,  //set your resolution height here
    AVVideoCompressionPropertiesKey: @
        {
        AVVideoAverageBitRateKey: @45000, // Give your bitrate here for lower size give low values
        AVVideoProfileLevelKey: AVVideoProfileLevelH264High40,
        },
    };
    compressionEncoder.audioSettings = @
    {
    AVFormatIDKey: @(kAudioFormatMPEG4AAC),
    AVNumberOfChannelsKey: @2,
    AVSampleRateKey: @44100,
    AVEncoderBitRateKey: @128000,
    };

    [compressionEncoder exportAsynchronouslyWithCompletionHandler:^
     {
         if (compressionEncoder.status == AVAssetExportSessionStatusCompleted)
         {
            NSLog(@"Compression Export Completed Successfully");
         }
         else if (compressionEncoder.status == AVAssetExportSessionStatusCancelled)
         {
             NSLog(@"Compression Export Canceled");
         }
         else
         {
              NSLog(@"Compression Failed");

         }
     }];

}

To Cancel Compression Use Below Line Of code
 [compressionEncoder cancelExport]; //Video compression cancel