Just to update Sam excellent answer.
If you split your video to HLS segments with few resolutions (320, 480, 720, 1080, 4K) with adaptive bitrate for video and audio.
Then your storage will be a little bit higher - like 700-800MB or even 1Gb. But also fit on a free tier.
Main benefit will be for mobile users - because devices with small screen won't download FullHD video file and they will start with 320 or 480.
This can be easiest seen on YouTube with their resolution switch.
So in general this is also beneficial for you because it will make your traffic bill even lower.
Regards,
Peter