Reducing file size with resolution?

Hi there,
I am trying to convert a mp4 video of 8M into something like 0.5M, and see how does it look.
But I cannot. One thing that works is to change to a Average Bitrate of 1M or 2M, and I go down to 2 and 4 M respectively

Not enough.

The thing is that I don’t want the 1920x1080 original resolution. But if I change it when exporting (to 240p, for example), it changes (the video is smaller), but the file size is identical.

Why is that? What do I do wrong?

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