Yes, it is a big video file, but reducing file size is not a positive way.
I'm seeking a solution to increase buffer size before video start to play.
The best solution is to hit PAUSE until you reach a sufficient amount of buffer space. What is slow to you may not be for the next person. It's not the SIZE of the video (as you correctly point out) ... it could be 1000GB or 10MB ... it's the amount of bandwidth stream over time that matters.
If I have a lowly 1.5Mb/256Kb DSL connection and P2P running in the background it will be unbearable whether the video is 5MB or 5000MB. If I have 25MB FiOS and the Server is on a DS3 and I can use it... it's gonna buffer and play flawlessly.
That being said, your proposed solution is also flawed. If it's a 500MB video and I have 1.5Mb connection .. are you gonna wanna buffer it for 5 minutes so I don't outrun it? Because I will never wait for it :)