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Almost certainly. But you can reduce file size without losing much quality if you choose an image format with a good compression factor.
GIFs are great for that, as are JPEGs if you save them at 80% rather than 100% image quality. (The image isn't quite as sharp, but the human eye usually can't tell the difference.) I wouldn't recommend using PNG or BMP - they tend to be really big files. Not sure about TIF.
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