Why a one-gigabyte video comes out as forty megabytes
Because the picture is nearly all of the weight. In an ordinary MP4 the video track takes 90 to 95% of the file, and the sound sits in a separate track at 128 or 192 kbps that adds up to a little over one megabyte a minute. Keeping only the audio isn't compression working miracles: it's throwing away the big half.
The arithmetic is easy to do before you start: bitrate times duration. At 192 kbps that's 1.4 MB per minute, about 85 MB an hour; at 96 kbps, half of that. The size of the original video doesn't enter into it, so whether it was 300 MB or 4 GB, an hour-long talk lands on the same number.