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I have a departmental request to store many videos ranging from 200 mb to 1gb in size. With SharePoint 2016 on-Premise, what is the most efficient way to go about this?

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I would use the assets library and upload the video on it. You have to adjust the file upload limit at web application level to accommodate the large file size.

Asset Library: SharePoint's built-in Asset Library app is pre-configured to help you manage rich media assets, such as image, audio, and video files.

Asset Libraries feature:

  • Thumbnail–centric views
  • Overlay callouts
  • Digital asset content types
  • Automatic metadata extraction for image files

To add a asset library, please follow the below steps.

  • Browse to the site where you want to create the library.
  • In the Quick Launch, click Site Contents or click Settings Office 365 Settings button and then click Site Contents.
  • Under Lists, Libraries, and other Apps, click Add an app. To create an Asset Library, you must have permission to create lists. If you don't have sufficient permissions, you won't see the Add an app link.
  • Under Apps you can add, click Asset Library.
  • In the Adding Asset Library dialog box, type a name for the library, and then click Create.

Read more here: https://support.office.com/en-us/article/Set-up-an-Asset-Library-to-store-image-audio-or-video-files-96532BF6-DC72-4F82-BF0A-21EF945C4D04

Upload video, audio, or pictures to an Asset Library

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