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I don't know how well this will work. First save it in imovie. Then go to file, export. It comes up with a box and in the "scale" section you can shrink the number of pixels of the image while preserving the aspect ratio. This should result in a smaller file size as well.
doubt it will work... might though.
id use photoshop,first wanted to make sure you had it
k open it up, head over to image size (under image at the top)
ok now on image size change the size in the height and width boxes where it says pixels. if you want it for NS or something, find out how big it has to be (i.e. for NS its 50 x 50) and make it that big. you may notice (if its selected on or not) that when you try to change one, the other changes too. this is to not screw up how the image is, so it moves them in relation to each other. to turn it off click the box "constrain proportions". then you can move it independently and should be able to make them both 50 x 50 or w.e. also you can move it by inches as well. in the end this will make your picture much smaller.
another way is when you save it, save it as a .jpg and then take the quality slider and put it all the way to the bottom. this will make it considerably smaller. hopefully.