Video Production Cost: 8 Factors to Consider When Calculating Costs
Video is one of the best ways to communicate a message to your audience. So whether you’re trying to recruit new employees or promote the launch of a new product, allocating a budget towards video production costs is essential.
So how much should you expect to pay for quality video production? Well, there’s not one simple answer, so we’re going to help you understand the different factors to consider when calculating production costs to give you a better idea of what the video production cost of your next video will be.
Within each level of production, there are different variables and costs to consider. We’ll break down some of the cost factors to consider for:
- Principal production
If you’re ready to create quality video content that doesn’t break the bank, we’ve got all the information you need to make your dream a reality!
Video Production Costs to Consider
There are three main stages of video production: pre-production, production, and post-production. Each stage comes with different cost considerations, which we’ll break down below.
Pre-Production Cost Factors
This is the stage where video ideas are formed, concepts are developed, and scripts are written. If the video is going to be outside of a studio, different locations will need to be scouted for potential sets as well. Depending on the complexity of your video concept, production rates can shift.
- 🔭 Scope – Before you get started with any other detail, what is the scope of your project? Is it a full-length feature film that you intend to submit to festivals around the world? You’ll need a serious budget consisting of tens of thousands of dollars. Most of us, though, don’t have to worry about that. For simpler projects, such as a product demonstration video, you can probably get by with a couple of hundred dollars.
- ✍️ Scripting – Do you need help writing the script for your video? You may be able to save some money if you’ve written your own script, but if you need your video production company to write it for you, that will factor into the cost.
- When deciding between these options, keep in mind that a clear and concise script can make or break your production. Having the ability to communicate your ideas clearly to your audience will ensure you get the most value from your production.
- 📍 Location Scouting – If you already have a set location for your video, such as your office or another company property, you don’t need to worry about this. But if your video concept includes a different setting, your video production crew will need to scout multiple different locations, which can add to the cost.
- 🎭 Casting and Auditions – Are you going to be hiring actors for the video? Of course, actors will need to be paid, and finding the best ones can cost money as well if you want your production team to find the talent for you.
Principal Production Cost Factors
Production (or principal photography) is where the actual recording of your video happens. In general, your production rate will depend on the complexity and style of your video. Some factors that may increase your production rates are:
- 🎥 Equipment – Video production equipment is a standard requirement for all shoots. Equipment starts with the camera, lights, and microphones, along with a wide variety of other equipment. If you are working with a video production company, they will handle all of the necessary equipment to ensure your shoot goes smoothly.
- The only time this can be more complicated is if you are planning on doing your project in-house. If this is the case, you will need to rent or purchase the necessary equipment, which can rack up your total cost quickly.
- 🪑 Set Design – Construction of a set takes time and money. You can guarantee that the more elaborate you get with the concept of your video, the more work, time, and money it will take to pull off. So before you plan on shooting a video with a monkey riding a jet ski, consider the set design costs!
- 👨👩👧👦 Video Crew Size – How large will your video crew need to be in order to shoot the video? To get an idea, consider the type of video you’re shooting. For example, if it’s a testimonial video with one interviewee, it may only require one to two people for cameras and an audio person. On the other end of the spectrum, shooting a commercial with multiple scenes and shots will increase the amount of crew needed and costs.
Post-Production Cost Factors
After production is wrapped up, your video production company will need to edit and piece together the content to create your video. Some factors that will contribute to how much you’ll pay for post-production include:
- ✍️ Graphics and Animation – This is generally above and beyond what standard post-production costs would include. Animating characters or objects to overlay or interact with your video can add depth to the experience, but it does require additional time and resources.
- 🎶 Music Licensing – Music is a must-have in just about all types of video content. In order to use most music in your video, you will need to have a license which will add to your total cost. Licensing music can range anywhere from a general subscription to a licensing company like Sound Stripe to having a custom music composition made for your video. The pricing also will range depending on the intended use of the video. If you plan on using it for advertising, you can expect to pay a significant amount more in licensing fees. If your budget allows for it, custom music can be a wonderful addition to a video to help set the tone. Some video production companies will offer music composition as an additional service within post-production.
- 📽️Changes to the Final Video – If you’re working with a quality video production company, they’ll happily take your editing notes and make minor changes and adjustments for no extra cost. With that being said, major changes to the structure of the video are often time-consuming and costly. These costs can be eliminated when you work with a video production agency that communicates expectations clearly throughout the entire process.
- ⏰ Time and Talent – At the end of the day, the biggest contributing factors can be broken down into time and talent. The longer and more complex the video, the more time it will take to complete. This is why it is important to hire talented individuals to trust with your video production. A team of professionals will ensure your video is made quickly with the highest level of quality possible.
4 Benefits of Hiring a Production Team
It’s clear that video production costs can add up quickly, especially if you don’t already own all the necessary equipment, props, or editing software. If you want to get a high-quality result without blowing your budget out of the water, consider hiring a production team to produce your video from start to finish.
Some of the benefits of hiring a video production company include:
1.) High-quality Equipment
A professional production company will have access to quality equipment that will help you create a beautiful final product. This can also end up saving you money in the long run, as you do not have to personally purchase the equipment.
2) Skilled Practitioners
You want the best video content possible. Unfortunately, not all of us are expert filmmakers. By relying on those who are, you can end up with a more professional product, as well as have access to advice and expertise that can reduce your stress.
3) Connection with Local Talent Agencies
Unless you are part of your local arts community, you may not be aware of the breadth of talent that is available to you. A video production company can put you in contact with the best talent in your city. Talented artists = engaging content!
4) Faster Production Process
When you work with the pros, you don’t have to waste time with complicated research and trying to figure things out on your own. A professional production company will have a streamlined process that gets top-notch content into your hands faster. This means you can start increasing your sales ASAP!
Starting Your Production
The variety of video production costs can cause stress and uncertainty with so many different factors to consider, but don’t let that stop you! You deserve to work with a video production agency that’s excited about your vision and will alleviate that stress by making the process simple.
At Stringline Pictures, we take pride in our ability to turn your ideas into high-quality video, with the cost being communicated clearly from pre-production to the final edits. We’d love to talk through your video ideas and help you bring them to life. Reach out to us today for a free consultation.