What Are the Costs Associated with Video Production?
Performer Salaries: You can be a talented musician or actor and they may command top dollar for their work. However, professional video producers need to pay performers to work on their productions and if you're the one performing, that means you get paid. Some players in the production value chain require more pay than others, which is always based on their skillset, experience, and the market rate for a certain position. However, even if you're the one performing, you may still require several other professionals to help complete your project. Professionals that work at the production level are often required to be paid above the rate they would make in their home market.
Other costing aspects such as what type of video do you need, any specific location client desire, crews, equipment, actors/talents, length of production timeframe, editing, sound, music composition, and much much more. Calculating the cost for complete video production project, could be a daunting challenge.
Factors That Influence Your Budget
Sometimes it comes down to a matter of affordability. A cost estimate on a production can be just as important as a budget you’ve been given. As an example, if your budget is $50,000 and you’ve spoken to a few different talent agents in your industry, you might have a better idea of the costs of the talent you’ll need. Or, as a producer with experience on the set of big-budget features might look at your budget, and estimate the time that it would take to create your content in five different locations. Then, they might suggest that it would take a minimum of six to eight professionals to accomplish that.
Tips for Saving Money to Keep Your Costs Low
1. Communication is key. Give your company a voice in the creative process. Create content that is aligned with your business values, your brand, and your key selling points. Make sure all parties involved in production understand what you want, and allow for changes to move things along in the right direction. When you let the professionals create the content that you want for the world to see, you save time, energy, and effort – and more importantly, you save money!
2. Ask your current marketing team how they would get the message across. Your marketing team should have some idea of what you want your marketing message to look and feel like, and how you want your customers to feel when they hear and see it.
Video production is a complicated process, so learning how to do it right is necessary. Nevertheless, there is no accurate figure which could be given for video production project cost. Fortunately, it is extremely easy to hire an experienced, quality video production company for any amount of your video project, regardless of what its purpose is. Companies that offer flat rates, unlimited shoots, extensive equipment rentals, and/or working with a variety of clients, like the one described above, are ideal. You'll save a ton of money in the long run and enjoy the high-quality videos you've come to expect from such a service. Also, companies who have tight budget for video production must bring their limitation forward, so that video production agency can offer them the best service for their proposed amount.