Our poster designer sent me a PDF of this year's Bloomsday poster. I thought the file was too large at 7.2MB and I wanted to reduce the file size without significant loss of image quality. I was unable to achieve this in Preview or Acrobat Reader, but Ghostscript did the trick, thanks to an answer on AskUbuntu:
gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 \ -dPDFSETTINGS=/prepress -dNOPAUSE -dQUIET -dBATCH \ -sOutputFile=output.pdf input.pdf
The results speak for themselves.