When you ask yourself, “what is video production,” the answer should be that it’s the process of producing quality videos that improve your brand. It shouldn’t be simply to churn out cheap and tacky content.
Video production costs are affected by many factors, and we’ll be taking a look at all of them shortly. And although they can be pricey, the solution to getting the most within your budget isn’t to make more low-quality videos. Instead of spending your budget on more videos, you should produce fewer, better quality, more effective videos.
With that in mind, let’s consider the ten things you may not have considered regarding video production costs!
1 – Don’t Sacrifice Quality For Quantity
Videos on the internet account for billions of hours, and billions more are added daily. There is a lot of low-quality content here. People consume so much content daily that it is difficult to make an impact.
There might be times when you wonder whether it is even worthwhile to produce video. However, it is – if the content is valuable and high-quality. There is so much more you can communicate with a good video than with text and pictures.
Video is an important, powerful medium that brands and media companies should invest in. But remember that the best way to stand out from the massive, swarming crowd is by first staying true to yourself and producing good quality content!
2 – Crew Considerations
Rates for production crews depend on their region, market, equipment, and experience level. It’s likely best if you start your search either locally or near where the video filming location is, such as searching a term like “Video production company NYC.” This will hopefully assure the easiest experience of contacting them and also meeting them in person.
Hiring talent, like a professional emcee, host or actor, will cost you extra.
You won’t need to hire talent in most cases unless you’re doing a big TV commercial. You can also use your employees or customers in short branded testimonial-style and product-related videos.
3 – The Video Types
The cost of video production will vary depending on the types of video you want to produce. For example, a cinematic commercial with actors requires a different production skill set than an animated video explaining your business.
You can also always expect to pay more for higher-quality videos. However, as mentioned, when you’re factoring the production costs into your budget, it is better to choose a cheaper style of video perhaps instead of using an expensive technique but sacrificing the quality.
4 – Freelancers vs. Full Production
The cost of video production can be decreased if you can handle scripting, location scouting, or editing in-house. Instead of hiring a full-service production company, you can hire a small freelance crew.
You will get better results if you hire a production company to handle all the details if no one on your team knows how to manage a video production.
5 – Equipment Expenses
Videographers may bill you for equipment costs even if you don’t require rented equipment. In most cases, however, this is included in their daily rate to protect their pricey equipment. This program also covers equipment purchase costs.
It may be necessary to rent film equipment; in most cases, production companies will charge these costs directly to you.
The flat rate may include rental fees if they do not charge them separately. You’ll be able to save more if you’re flexible with your camera and gear requirements.
6 – Insurance Costs
Another cost factor that companies often forget about is insurance. If you’re hiring a production company, this cost is often absorbed into their fees.
It is best to double-check, though. Remember that if you’re filming on location at your premises, you’ll want to make sure your insurance policy is up to date. Also, freelancers might not include insurance, so check with them first.
7 – The Video Duration
The duration factors into video cost, especially when comparing feature films to short, branded content.
You must always check with the production company you’re using and ensure that their rates align with the industry norms about video duration cost factors.
8 – The Travel Costs
It can be as costly to shoot on location as the actual production itself. Travel expenses include hotel and meal expenses as well.
Travel costs can be avoided by hiring local crews or freelancers. Subcontracting work out to local freelancers can also save the production company money if they do not have local employees.
9 – The Pre-Production Factor
You may need to dedicate time and money to pre-production tasks, such as writing a script, scouting locations, getting permits, and scheduling shoots. Likely, your video production costs will also change if your script changes.
A script should be written in-house, possibly with advice from your production company, if you have the resources. It is also possible to purchase this service as part of the package deals offered by many production companies.
It is also necessary to budget for travel expenses and time if a scout is needed to find a possible filming location. It may be easier to avoid this problem if you hire a crew familiar with the site where you want to film. Pre-production costs increase as intensity increases.
10 – The Post-Production Factor
Producing a high-quality video requires a well-planned budget for the post-production stage. Usually, your company provides feedback for things like story editing and color grading.
You will likely have to hire a different video editor for coloring than for story editing since there are usually only one or two types of video editors. Motion graphics and titles can also be included in video production costs.
In the age of video content, brands must make their presence felt through video content. Hopefully, this guide will help you to ensure high-quality videos that are also easy on the budget!