IT’S TIME TO KNOW MORE ABOUT VIDEO PRODUCTION BUDGETS: PART 2
Costs of Video Production Shooting
When budgeting for production, it’s easiest to break up the budget into days. And there can be two versions of this: one for production in the studio and another for production on location.
Largely, the primary difference between shooting in a studio and on location is the fee. Generally, the studio is more expensive, but that depends on the location. Filming at a local destination might not be free, for example, but shooting at your own premises probably is.
Crew & equipment. The number and nature of crew needed varies depending on what you are filming at the studio or on location. How many cameras are needed (and therefore camera people) obviously have an impact. Lighting also impacts your bottom line to different extents, depending on requirements.
Number of days shooting. It’s clear that the number of days required for filming has a massive impact on the budget. Not only because of the costs associated per day, but also because this impacts the amount of footage that is looked at and cut for the edit.
Costs of Video Post Production
The post-production stage is when all of the pieces are assembled to create a video that resembles the plan agreed in pre-production. Post-production costs are kept to budget if the pre-production and production phases have been professionally implemented. The value of a professional approach is undeniable here.
Amateur videographers are more likely to capture reams of useless footage (“just in case”) in the production phase. This means that the editor has a big job sifting through the footage to find the best clips in order to piece together a coherent video. This isn’t fun and often results in not the best final product.
Editing & extras. Besides the core editing costs of a project, there’s also the potential for extras, depending on your brief. As mentioned in the pre-production section, graphics are likely to be an additional element. You likely have seen early visualizations of the graphics in pre-production. Post-production is when these graphics are created in full and customized to your video content.
Other extras to consider are any animation, music/sound effects and voiceover. The costs associated with these features vary. But, if you have worked with a good video production company, there aren’t any surprises because these were planned for in pre-production.
Costs for digitizing, rendering, uploading and exporting to different formats may be hidden in the editing costs, or they may be added as an extra line item. It’s discussed early on in the project in what formats you need your finished video. Another cost associated with this is for hosting. You may want to host your video yourself or the video production company can host it for you.
Other Costs of Video Production Budgets
There’s always that section in the budget for miscellaneous items. There are also other video production costs that we haven’t covered. Here are some of the possibilities:
Language/translation: If you need your video to be translated, or need to have different versions in different languages, you are looking at significant additional costs. Again, it all depends on the length of your video and the length of the text to be translated. If this includes having presenters who speak the different languages, you are looking at additional costs. If you have to shoot the video multiple times to account for different languages, you are looking at more costs above the original fee.
Subtitles/closed captions: If you are hosting your video, this is something you can do yourself. If you want the subtitles embedded in the actual video file, you are adding more cost, depending on the length of your video.
Licensing fees: Fees can apply to talent (actors, presenters, etc., as mentioned above), but also to music. You or the production company can source and buy the rights to high-quality tracks from sites.
Stock footage. If you require stock images or footage for your videos, then these also need to be sourced and paid for.
Original music composition. If you can’t find stock music, or have specific requirements, you may opt to have music composed especially for your video. Prices depend on the composer and your requirements.
How You Can Help Get Some Answers around Costs
So, we’ve bombarded you will all of the detail of a production budget. Yet, you’re still wondering how you can find out how much it will cost you, precisely, to make a three-minute video. Here are some helpful tips to get quicker answers:
Share a comparative example. Find a video, similar to what you want, and ask the production company to give you a price on that basis.
Be transparent about your budget. If the production company knows what you can spend, they can tell you what the possibilities and limitations are for your video. They can also work to fit your budget.
Keep an open mind. Don’t limit the possibilities for your video by being closed-minded about what you want. Seriously … let the creatives get their hands on your project, and you are likely to have your mind blown.
Get all of these answers and the best video for your production budget today. Contact Kestum Bilt now to start the conversation about how your next project will perfectly fit your needs and budget, and take you away from cookie-cutter productions. Visit our Directors’ Reels to see what we can do for you.