Perhaps more specifically how do I do this with my DJI drone video since the it is not in the MISB format supported by the Esri FMV Add-In?
Well that's where the LineVision Esri ArcMap Add-In comes in.
This Remote GeoSystems Esri ArcMap Add-In will accept properly formatted "geospatial video" from a variety of consumer GPS video cameras (Contour, Garmin Virb, Sony, etc.), specialized geospatial DVRs (geoDVR™), and of course drones (DJI Inspire 1, Phantom 3 Pro, etc.)
Please take a look at the video below to see how easy it is to load video from a DJI Inspire 1 into Esri ArcMap.