Regardless of whether you’re producing a video in-house or you plan to work with a creative partner, it’s a good idea to understand what, exactly, you’re paying for. When you understand the granular costs of video production, you can stretch your marketing dollars further and potentially
in some areas.
• Planning:
Video production doesn’t begin when the cameras start rolling. A lot of work goes into the planning and pre-production processes. Your brand will need a unique video concept and goal, followed by a well-written script and fleshed-out storyboard. These steps are some of the most important in the entire process. If your brand handles these steps in-house, you’ll probably save money, compared to hiring a creative partner to develop the concept, script and storyboard for you. If you do outsource these items, expect to spend at least $100 per hour to get your video plan finalized.
• Equipment:
Cameras, lights, microphones and other equipment needed to film the video itself are some of the most expensive elements of production. Even a low-end camera could cost a few thousand dollars alone. Purchasing every piece of equipment your team needs to produce a high-quality video is probably not feasible. Instead, you might choose to rent an equipment package, which usually costs a few hundred dollars per hour. If you need to hire a crew to operate the equipment, it could cost around $50 per hour per person, depending on their experience.
• Talent:
If your live-action video requires paid actors, you’ll need to pay them per hour. Depending on their skills and experience, this rate can range between $30 per hour and $500 or more per hour. Using in-house employees as speakers can reduce costs, but it’s important to balance this with production quality and authenticity.
• Location:
Whether you require the use of a studio, sound stage or other rentable property, you’ll need to factor in an hourly rate for your filming location. This can cost a few hundred dollars per hour or more, depending on the amenities included and demand. Shooting your video on a property your brand owns can eliminate this cost.
• Animation:
If you’re choosing an animated video instead of a live-action one, or if your live-action video requires motion graphics and other animated effects, you’ll need to budget for these additional costs. Full custom animation may cost hundreds of dollars for high-quality work. However, you eliminate costs regarding location, actors and filming equipment.
• Editing:
Once your video shoot is over, someone needs to piece the video together and give it a polished look. Unless you have an in-house editor, you’ll probably need to hire one to edit your video, which can range between $30 and $300 per hour.
There are many more elements of video production that can add incremental costs to your total, but these are a few of the essentials. For most things, you get what you pay for. The rates a video production team charge will usually depend on their skills and experience. It’s up to you to find partners that will produce quality work and fit
within your budget.
Of course, there are ways to cut production costs, particularly if you do a lot of work on your own. Working with a video production company may also help you stick to your budget, since they’ll offer all the services you need under one roof and can usually create a project package.
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to Spin Creative!
Spin Creative is a video production company and creative agency helping marketers create winning video and creative strategies that engage, inspire and activate targeted audiences. Spin is headquartered in Seattle with offices in San Francisco and London, serving brands around the globe.
