Why only forty megabytes are left of a gigabyte
In a typical MP4, the video track accounts for 90% to 95% of the file, while the audio travels separately at 128 or 192 kbps, a little over a megabyte per minute. Keeping only the audio isn't the result of any special compression: it simply discards the part that takes up nearly all the space.
The result can be calculated in advance by multiplying bitrate by duration. At 192 kbps that's 1.4 MB per minute, about 85 MB per hour; at 96 kbps, half that. The size of the source video doesn't factor into that calculation: an hour-long talk produces the same result whether the original file weighed 300 MB or 4 GB.