Extremely large file sizes for iMovie events
So here's my problem. I'm using a Sony HDR-XR160 to shoot videos at 1080p, then using iMovie 11 to edit them. I shot a few hours of footage this weekend. The raw files (.mts format) took up about 20 GB total. I then imported the videos from my camera to iMovie. Currently about half of them have been imported and they are taking up 100GB of space! So I expect that when the import is done, this iMovie Event will be about 200 GB in size.
Ok this isn't a big deal in the short run. I can do my video editing, export the projects I make, and when I'm done I can delete the gigantic 200GB event. However, is there any way to have iMovie export all the clips to smaller files of the same quality? For example, I can export the event as a bunch of .mov files that will bring the size back down to 20 GB? I don't have enough harddrive to keep the 200GB event.
Note: For some reason I can't import the .mts files into iMovie directly (or at least I do not know how). But I am able to do 'Import from Camera' to import the videos... so maybe there is someway to import .mts files?
MacBook Pro, Mac OS X (10.7.1), iMovie 11