I'm also trying to text a video and tried to change camera settings but there are no options to change. It's set to 5M pixels. Where else on the phone can I adjust camera settings?
First, be sure the little toggle is set to Video and not Camera.
Then press the Menu button, scroll through the list until you find Resolution, select it and you should see a menu that allows you to pick the video capture size - the smaller the resolution the smaller the video file will turn out to be (assuming the same recording length).
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