I am using Picasa Web and one of the features is that you can have videos that run no more than 15 minutes not be counted in your storage limit:
If you've signed up for Google+[...] videos up to 15 minutes won't count towards your free storage.
I have uploaded a 46 second 1080p video and this is counting as 132mb within my account. If it makes any difference, I have stored the video in a private album.
Why does my short video count against my free limit?