The version I have was copied from stackoverflow. It doesn't work very well, it makes a rough estimate to get the video file size under the set value. As an example
resize video.mp4 10
Which then resizes the video to 10 megabytes if possible.
resize.sh code
file=$1
target_size_mb=$2 # target size in MB
target_size=$(( $target_size_mb * 1000 * 1000 * 8 )) # target size in bits
length=`ffprobe -v error -show_entries format=duration -of default=noprint_wrappers=1:nokey=1 "$file"`
length_round_up=$(( ${length%.*} + 1 ))
total_bitrate=$(( $target_size / $length_round_up ))
audio_bitrate=$(( 128 * 1000 )) # 128k bit rate
video_bitrate=$(( $total_bitrate - $audio_bitrate ))
ffmpeg -i "$file" -b:v $video_bitrate -maxrate:v $video_bitrate -bufsize:v $(( $target_size / 20 )) -b:a $audio_bitrate "${file}-${target_size_mb}mb.mp4"
I'll probably replace it eventually.