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Best free/cheap vid conversion software

Hey guys.. I've been recording quite a few gaming vids via FRAPS, and I like to capture in full 1080p at 30fps.

This creates some huge files though. A 6 minute vid I recorded was nearly 5GB.

I'm wondering if there's any good file conversion/compression programs out there that would allow me to reduce the file size without damaging quality too much. Vid is an .avi.

Thoughts?
 
I personally use handbrake to convert all my vids. I think dvdfab or hddvd fab (something like that) will work too. There's a ton of them out there.
 
I`ve tried every piece of software known to man and ended up with Mediacoder. If you want to compress while recording you might like to look at Playclaw rather than FRAPS.
 
HEVC is supposed to be coming in January. But it's just a spec; no idea what tools will work with it.
 
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