If you’re considering hiring a video production company, the first question you might ask is “How much will it cost?” You might be seeking to spend less on more videos, but this is the wrong approach as it doesn’t factor in quality.
There are many factors that make up the cost of video production, but that doesn’t mean the right solution is to create more lower-quality videos. Rather, utilize your budget to produce fewer but higher-quality videos. Going for quantity over quality may hurt your brand image, while investing in high-quality, timeless content can enhance and add value to your brand.
So How Much Does Video Cost?
Well, it depends. With video production, what you pay for is what you get. If you want more expertise, a longer video, better equipment, a large crew, multiple shoot locations, extensive editing and effects, be prepared for a higher cost.
A General Breakdown of Video Production Costs:
42%: Day of Shoot
This covers the cost of everything that is needed on the actual day of the shoot: The film crew’s salaries, camera, audio and lighting equipment, rentals, props, extras, etc. The camera you shoot with will make a considerable difference in the final quality and editing options of the video. What other equipment will you need? Will you need a track dolly or a field monitor? Or a variety of lenses (wide angle, fixed)? What about audio equipment like lavaliers or booms? Equipment costs can change depending on what is required. The location chosen may also require a rental or permit fee.
The editing process is where the style and substance of the video is created. All the footage is sequenced together to create a cohesive story that clearly communicates the desired message in an engaging manner. Costs incurred within the editing process of the video(s) may include: Salaries of editors per hour spent editing, graphics, animation, visual and sound effects, and final file preparation and delivery. Costs will also vary depending on the complexity and skill required in the project, such as whether the video uses simple graphics or is entirely animated.
20%: Producer/Project Management
Producer/Project Management accounts for the “higher-level” planning of the video production. This covers the costs incurred by the Producer or general management of the project. The Producer is responsible for bookings and overseeing the project logistics, including but not limited to:
- Identifying the scope of work
- Clarifying the client’s expectations (style, length of videos, number of videos)
- Determining the measurable business objective that the client is trying to achieve, and how the video is going to achieve that
- Determining when and where the shoot will occur (Will there be multiple locations? Is a studio or sound stage needed? Will the shoot take place over multiple days?)
- Determining cast and crew (Will actors or models be needed? How big of a crew is needed?) Salaries for these people will vary depending on their experience, demand, and union costs.
- Approximating how much set-up time is required
- Managing client revisions with the video editor during post-production
- Ensuring client satisfaction throughout the pre-production and production process, up until the final project is completed
This entire process entails ongoing communications between you (the client) and the video production team.
This covers the salary of the Director – the person who will be overseeing the production of the video(s), guide the cast/crew, and ensure that your vision is fulfilled. The Director carries out theme and creative preparation, along with consistently communicating with the crew from pre-production through to post-production.
Finally, “Other” covers the potential costs that may arise associated with video production. These may include, but are not limited to, music licensing, hard drives, insurance, travel costs, hair and makeup, and craft services. Your project may or may not require these items depending on the scope of the project and the creative vision.
Overall, the three factors that drive the cost of video production are time, talent, and tools. We hope that this blog was informative in your search for a video producer. Keep in mind that these percentages may vary depending on the video producer you go with and your expectations for the finished product.
Let’s talk! The world needs to hear your story. Here at Jillian Irene Lee & Associates, we’ll sit down with you and discuss your needs and what we can offer, as well as a more detailed breakdown of the costs. Keep an open mind and be sure you know what you are trying to accomplish—we’ll go from there.