When we convert a video into grayscale, all of its 3 colors (RGB) in a pixel are assigned the same number (instead of 3 different numbers). So theoretically we must have reduction in size almost by 66%. I know there is some metadata and sound data, but the largest data is for the pixels.
I converted a video with Handbrake with output size of 4.17 MB, then I did it with the same settings except checking the "grayscale" box, then the output file size became 3.88 MB. Why only 7% size reduction? For another video: 3.08 MB & 2.97 MB (almost 6%).
I also did the grayscaling with "monochrome" filter of "Corel Video Studio" and got a similar result (8.70 MB & 8.32 MB --> 5%). Is there any algorithm or something to get a better result?