Have to reduce the video size with losing the quality
By nature, reducing the size of the video (either by bitrate, by resolution or both) will reduce the quality of the video.  You can minimize the loss by using good compression algorithms from high quality sources with proper settings, but there will always be quality loss with additional compression, even if minimal.

Without knowing more about the type, length and resolution of your video, it isn't possible to give the best advice, but using 2 pass VBR H.264 video is a fairly standard compression algorithm to use.  2 pass VBR will adjust the rate of data use to help account for differences in complexity of the video and make better use of the data you allocate to it, but it is still necessary to allocate sufficient data rate or the quality will deteriorate.

If the video is HD, then it would have to be pretty short (under one minute) to stay under 74mb without pretty significant quality loss.  Dropping the resolution will similarly greatly reduce the quality, though depending on the level of compression, it may be less blocky.