Dependently, it actually comes from your server parameters. On your server side, for instance, cpanel-> MultiPHP INI Editor (php.ini file). The following values affect uploads:
Memory_limit (should be significantly higher for fine video conversion compared to post_max_size)
post_max_size (to upload large files, value should be higher than upload_max_filesize)
upload_max_filesize (max size of an uploaded file)
In a nutshell, practically, you may as well put 2048M for all values each.
Nevertheless, (optional) you may still set in studio-> storage limit per membership as well if you want to but these values here will only be valid if they re within the server upload parameters/settings