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change your recording settings from your phantom to h.264 compressed and then use adobe media encoder to render the video, just remember though you can render out at AVI losless which will be the quickest but you will end up with video files in gigabytes compared to a compressed version like H.264.

If you want a small file size with minimal loss then you can compress using .WMV which will do about 1 min 720 footage less than 50mbs. But you have to find the best compression/lossless that suits whatever your final output is designed for but if it is for web /youtube I would stick to H.264 compression or H.265 as that is getting more widely used even youtube supports it now.

rarely does any software shipped with things like Gopro or phantoms work well I am not going to say this is the magic formula but you should see both rendering reduced down to 10- 15 mins for large conversions.

I know there is better software out there than adobe media encoder but it does have the advantage of queuing several renders and you can start it when your done editing videos so leave it overnight and you can have upto 50 video renders done when you come back in the morning.

 https://www.adobe.com/support/downloads/product.jsp?product=160&platform=Windows