Videos recorded with current mobile devices are increasingly geotagged at fine granularity and used in various location based applications and services. However, raw sensor data collected is often noisy, resulting in subsequent inaccurate geospatial analysis. In this study, we focus on the challenging correction of compass readings and present an automatic approach to reduce these metadata errors. Given the small geo-distance between consecutive video frames, image-based localization does not work due to the high ambiguity in the depth reconstruction of the scene. As an alternative, we collect geographic context from OpenStreetMap and estimate the absolute viewing direction by comparing the image scene to world projections obtained with different external camera parameters. To design a comprehensive model, we further incorporate smooth approximation and feature-based rotation estimation when formulating the error terms. Experimental results show that our proposed pyramid-based method outperforms its competitors and reduces orientation errors by an average of 58.8%. Hence, for downstream applications, improved results can be obtained with these more accurate geo-metadata. To illustrate, we present the performance gain in landmark retrieval and tag suggestion by utilizing the accuracy-enhanced geo-metadata.