Yes, any user with a Business User account, can convert a CloudCopy (original file) to other formats, such as web ready formats for any HTML5 player, or formats that are suitable to upload to Youtube, Vimeo, Facebook or other video sharing services. We call this transcoding.
In the Asset Detail View click "CloudCopy → Transcode CloudCopy". Select the output format, and then click ”Create”. This will start the conversion of the file. When the file has been converted you can download the new file.