Solution worked for me with certain settings but still it is not perfect and quality is low with large file sizes. I have around 4 minute video (1152x864) in .ogv format with filesize 45 mb that is too much. When I convert it to .avi with -sameq applied to it in ffmpeg the resulting .avi file is around 150mb !! When I reduce some quality and make it 320x240 size it still results in 6mb file. So this solution is still not ideal or perfect for everyone including me.
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