Sometimes all the wasted space is due to cover images to advertise other books by the author. In Penguin eBooks, there have a page that's worthless that they embed fonts that are again worthless. Also, use Calibre to losslessly compress the images. That will save space. Delete every HTML file you don't need like previews, list of books by the author, reviews, etc. And as for images, when I do a lossless compression in Calibre, I also recompress using the default value of 80. This does reduce the size of images.
SO you can reduce the size of the eBooks if you do it by hand without ruining them.
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