Many digital cameras like the Nikon Coolpix L330 have a set time limit for movie length. This can not be changed do to certain regulations.
The only reason DSLRs and more point and shoot cameras shoot longer video is because camera manufacturers want to bypass the import 5.6% duty applied to video cameras, and the time limit allows them to avoid being classified as such.
So this movie filming time limit was set on your Nikon Coolpix L330 to save the manufacture an extra 5.6% cost. That would increase your retail cost of the camera by about 10%.
May people would pay the extra cost to increase their recording times but that might not be possible on many Nikon cameras. Most DSLRs have a problem with the processing chip overheating which causes the camera to shut down.
Camcorders are larger and have bigger heat sinks to dissipate the temperature build up inside the body. Small cameras have nowhere for the heat to escape and usually 30 minutes is all a camera can record before they would shut down anyway.
Please protect your Nikon Coolpix L330 with a good quality carry case like these here.
Memory cards can also be found cheap here.