There are a few ways you can identify higher than expected bandwidth usage and reduce consumption.

If the bandwidth is consumed more rapidly than expected, you can review the usage reports to figure out what's causing higher bandwidth consumptions.
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Bandwidth usage reports can be found under Account & Billing >> Review Usage.
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You can click a particular date to find out more about the videos that used the bandwidth on that date and the number of plays per video.
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You can go deeper by clicking on the video itself and reviewing the individual video analytics to learn more about the traffic source, average watch time, completion rate and total number of loads vs plays.
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By default, when a video is loaded on the page a small portion of the video is preloaded so playback can begin instantly once the viewer clicks play.

When you Disable Preload that initial video segment from loading and instead loads only the video thumbnail. This can help save bandwidth.

To do this go to Theme Settings >> Player Settings >> Player Settings Advanced Options >> Disable Preload.

Once the top bandwidth consumer videos are identified, you can optimize them for web use using Handbrake.
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​The optimized file can then be uploaded as a replacement file on the existing video (it won't change the original video's ID or embed code).

If in the usage reports above you found traffic from outside your targeted region, you could apply geo-restriction to your content to block traffic from that undesired region and save on bandwidth usage. Go to Theme Settings >> Security >> Geo Control.

You can set the desired video resolution in the Theme Settings >> Theme Advanced Options >> Publishing >> Preferred Resolution. Streaming optimized resolution settings offer the best results however you can always choose lowest available in bandwidth consumption is the only concern.
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