Video Compress is a FREE video compressor app can help you compress your videos, reduce movie size, shrink iPhone videos easily. Just add your video to the app, specify the target size, compress the video, save or share the compressed video.

Video Compress Features:
- Easy to use UI
- Compress videos easily
- Export MPEG-4 and QuickTime
- Fast Sharing

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Video Slimmer: a paid-for video compressor that can quickly reduce video file size and preserve precious space for new photos, videos, apps on iPhone iPad.
Upon opening asked to access my photos but nothing shows on the screen to select but a gray field, back arrow, photos top center with toggle up or down, and a large check mark in upper right but no action attached to the touchscreen.
just touch the large check mark in the top right corner to open the Compress screen as shown in the first screenshot in above post, you can then specify the target size, compress the video, save or share the compressed video. See also the steps to compress videos on iPhone here.