In today's world, the rapid development of digital video and editing technology has led to fast growing of video data, creating the need for effective and advanced techniques for analysis and video retrieval, as multimedia repositories have made browsing, delivery of contents (video) and video retrieval very slow. Hence, video summarization proposes various ways for faster browsing among a large amount of data and also for content indexing. Many people spend their free time to watch or play different sports like soccer, cricket, etc. but it is not possible to watch each and every game due to the longer timing of the game. In such cases, the users may just want to view the summary of the video that is just an abstract of the original video, instead of watching the whole video that provides more information about the occurrence of various incidents in the video. It is preferable to watch just highlights of the game or just review/trailer of a movie. Apparently, summarizing a video is an important process. In this paper, video summarization approaches are discussed, that can generate static or dynamic summaries. We present different techniques for each mode in literature. We have discussed some features used for generating video summaries. As soccer is the world’s most famous game played and watched, it is taken as a case study. Research done in this domain is discussed. We conclude that there is a broad perspective for further research in this field.