iTunes 11 - how to "make iphone version" I just got iTunes 11 and coincidentally just discovered that supposedly there was an option to "Create (or make?) iPhone version" in the older versions for movies and TV shows and such.

I would like to know how to do that iTunes 11.  Is this possible?  What other ways could I compress my downloaded TV shows and movies from the iTunes store such that they wouldn't take up so much space on my phone?

I want to compress the SD version which is typically about 590mb.  

My goals: 


that one episode would be around 150mb maximum
is possible, it would be even nicer to have them around 75mb
Click on the video.
In the menubar, go to File > Create New Version > Create iPod or iPhone Version.


Tip: 600 MB to 75 MB would be tremendous loss of quality. Even so, if you want a file 75 MB large, don’t use iTunes as you can’t modify conversion settings. Use a dedicated converter.