Just like video production technologies, video production prices have also evolved. In the past, professional videos did cost hefty sums of money, and this can be explained partly by the fact that specialized equipment, technology, and expertise weren’t as common and affordable as they are today.
Some businesses, however, still view investing in video as an expensive venture. Others view it as a light task where you just press ‘record’, work a little bit on the resulting footage, and bingo! The video is ready. Thus, it shouldn’t cost much.
And then there are those who have a slight or better idea of what’s involved and why the proposed cost is justified. Nevertheless, in discussions between clients and video professionals/companies, price is often the elephant in the room.
Whether you are a video production service provider unsure about proper video production prices or a business looking to understand more about vdeo production pricing, we have well-researched answers and solutions to some of your troubling questions and concerns.
The Four Stages Of Video Production
Before going any further, it’s important to take note of the four stages that make up the video production process. Each stage has few to several processes that inform the pricing.
For a video production professional, knowing these stages and processes is key in helping you come up with a proper budget. And if you are a business, noting them is key to understanding video production pricing.
They include:
1. Planning
Three major processes that dominate the planning stage are research, meetings, and scripting. Oftentimes, one will have to spend time and money on research and in hiring a scriptwriter to come up with what will serve as a blueprint for a planned video.
2. Pre-Production
Most of what’s involved in pre-production is the assembling of everything that will be necessary during the shoot. How long the process takes and the costs involved will depend on the type of video the client wants.
For instance, if you need actors, you will have to undertake talent search. Location is another aspect. Rental fees, special permits, and travelling expenses could be involved as well. Not to mention props, costume and other special requirements
Video assets that could be useful during the process, from licensed photos, music, and videos to video equipment, props, technologies and other extras should also be factored.
If you lack the equipment, there’s an option to hire them at an hourly or fixed rate. Keep in mind that the type of camera package needed will largely influence the video production rates.
3. Production
Provided one does the planning and pre-production well, production will simply involve execution of the plans. When it comes to crew members, please note that each has their own specific rate.
For instance, the director and editor usually earn a higher wage than the lighting and sound professionals. Other experts include the make-up artist, camera operator, director of photography, voice-overs, and an animator.
Who you need amongst all these experts will depend on the video project.
4. Post-Production And Hosting
Post-production is where raw video is transformed into what the client expects. Obviously, one will require expert help in handling some of the editing work involved such as transcribing the interviews, graphics and animations, video rendering, and so on.
Hosting the video can either be free or at a cost depending on the client’s preferences. Video hosting platforms such as Vimeo and custom video players require regular subscriptions.
Three Major Factors That Influence Video Production Prices
Generally, how much the video is going to cost will depend on these three major aspects:
1. Time
Most of the work involved in the video production process is usually charged on hourly basis. So, if more time is going to be spent on research, scripting, talent search, production, and post production, expect the production costs to be higher. Usually, this is the case for most professional-grade videos.
2. Talent/Expertise
Some videos will require a larger pool of experts working on them than for other videos. For instance, a simple street interview might only require a camera operator, interviewer, and director, while a commercial video will require more experts due to the logistics involved. The cost of production will, therefore, depend on the number of experts involved.
3. Tools And Technologies Required
Nowadays, it’s possible to shoot a video with a smartphone camera. At the same time, the video project may be the type that requires an expensive package, probably the kind comprising equipment such as a $25,000 RED Camera, field monitors, teleprompters, and so on.
The choice will depend on the needs and preferences of the client. More sophisticated productions such as 360 videos or virtual reality videos will definitely require more advanced equipment and this could take the cost of production up.
4. Level of Expertise the Video Professional Has
Novices tend to charge less than really professional companies that have been in the business a long time. Novices might also be more inclined to give you a discount for a ‘test'-type video or be more open to negotiate their fee.
Bottom Line
Compounding everything we’ve mentioned should give you a close idea of what video production costs. Basically, expect the cost for a 2-3 minute professional-grade video to start from anywhere between $2000 and $7000 going upwards.
Another important point to consider would be what many top video production companies suggest the video production rates per finished minute. $1000-$500 is quoted as the starting point. For more exact estimations, you can pick reference videos, analyze them, and compare the costs.
Lastly, as a video professional or company, keep an open mind when it comes to budgeting. Alternative approaches may come up in the course of your discussion with clients and both you and the client might arrive at an option in which everybody wins.
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