As you have noted the maximum file size that is supported by SharePoint by default is 50MB. What if you want to upload larger files?
Luckily we can change this limit to support larger files by increasing the default upload size in SharePoint Central Administration.
1. Go to SharePoint Central Administration by clicking on Start -> All Programs -> Administrative Tools -> SharePoint x.x Central Administration.
2. Click on Shared Services Administration link on the administration home page.
3. Click on SharedServices1 (Administration site host) link in Manage this Farm's Shared Services page to open the Web Application General Settings page. 
4. Find the Maximum Upload Size property and change it to the maximum upload file size you want. Note that you can put file sizes up to 2GB (2047MB). 
Now you will be able to upload larger files than 50MB.
Luckily we can change this limit to support larger files by increasing the default upload size in SharePoint Central Administration.
1. Go to SharePoint Central Administration by clicking on Start -> All Programs -> Administrative Tools -> SharePoint x.x Central Administration.
2. Click on Shared Services Administration link on the administration home page.
3. Click on SharedServices1 (Administration site host) link in Manage this Farm's Shared Services page to open the Web Application General Settings page. 4. Find the Maximum Upload Size property and change it to the maximum upload file size you want. Note that you can put file sizes up to 2GB (2047MB). Now you will be able to upload larger files than 50MB. But to support uploading large files you also may need to increase the default timeout value.
I will be posting the next post of mine on how to increase the timeout value.
