Compress to what?
Typically there is not much "empty space" in video-files, as these files are "compressed" anyway in terms of no or few redundand information.
That is the basis how compression is working.
Making video-files smaller normally is done by reencoding with more efficient codec, i.e. DVD --> Divx, what means shrinking Blu-Ray by reencoding does not really work, as there are no more efficient codecs out there than used in Blu-Rays.
So shrinking BRs typically is done by reencoding for lower bitrate and/or leave out unnecessary parts.
Very general answer.