Also, the numbers of color can dramatically reduce the file size if under 256. While a 16.7 million color image requires 3 bytes per color (24 bits), 256 colors only require 1 byte (8 bit) and PNG compressor can even go lower than that for 16 colors (4 bits), 4 colors (2 bits) and probably 2 colors (1 bit). Just going from 24 bits to 8 bits can cut the size by three in addition to any further compression by the PNG algorithms.
...Or at least that's what I understand. DarkWolf can correct me if I'm wrong.
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"With the first link, the chain is forged. The first speech censored, the first thought forbidden, the first freedom denied, chains us all irrevocably." [...] The first time any man's freedom is trodden on, we're all damaged. - Captain Jean-Luc Picard
B*tch, meet reality. Reality, meet b*tch. - Me