When you work in the creative space, it’s often exciting to get caught up in the grand visions of things you want to create, and even more invigorating to get others inspired about your ideas. The only thing that stands between you and your vision is one question. Sooo…how much is it going to cost?
The solution with video production is to not necessarily sacrifice quality for cost. While there are a multitude of factors that affect the cost of video production (equipment, number of filming locations, etc.), the solution isn’t to create a high quantity of low quality content. Instead, in order to build a strong, positive brand image, focus on using your budget to create fewer but more effective high-quality videos. This will undoubtedly increase the long-term value of your company and brand.
Video companies price their creative projects differently, and they all do what works best for them. When pricing a project you always want to maintain a high level of transparency and low level of ambiguity in your pricing. The most important thing is keeping your client’s trust.
Many freelancers / video companies will say a number that sounds right but truly has no meaning behind why it’s what they charge. A system that outlines why you charge what you charge will make all parties happier on all fronts.
So How Much Does Video Cost?
The short answer is that it depends, and will vary from project to project. Dozens of factors go into the cost of making a video, and projects can range anywhere from $3,000 to upwards of $200,000 (unless you’re looking on Fiverr). Cost will always depend on the type of video you’re looking for, the location / number of locations, crew, equipment, talent, amount of pre-production, VFX, motion graphic animation, post-production, sound, color, timeline and even more. The best way to get an idea of how much a video you are looking to make costs is to draft a creative brief or hop on a discovery call with a production studio. This will provide a better understanding of what, where, when, why, and how you want the video to be produced.
Once the goals and scope of the video are established, the production company will have a definitive idea of what it will take to produce the project.
Pre-production can include script writing, location scouting, scheduling and logistics, and creative brand strategy. The scope of what the client will provide versus what the production studio will provide often factors into the cost of the project.
This is where the actual filming takes place. This is directly linked to day rates – how many days a crew will need to be on-set to capture all of the necessary footage for the production. Day rates include all the time spent on set, creative direction, and gear costs. Day rates in the industry can range anywhere from $1500/day up to upwards of $5000/day for more premium shoots.
As a separate note, half-day rates are never a direct 50% of the cost of a full-day rate due to the studio sacrificing their ability to schedule a production on the other half of the day.
As a piece of advice, it’s always best to consolidate as much filming for as much content in post-production as possible in a single day since videographers charge by the day for filming.
This is where the story comes together, and where the magic truly happens. Depending on the complexity of the vision you’re trying to bring to life, make sure to budget for various components of the video whether it be visual effects, motion graphics, or multiple rounds of revisions. Note that studios may charge a lot more for more drastic revisions outside the scope of the agreement; this could include a change of music, story change, or additional filming.
Different Pricing Models:
Some studios price out each individual element of the project a la carte, and charge a premium on top of those costs for their time and expertise. Other studios have the ability to produce the project with their internal capabilities as they have all the equipment / personnel needed to bring the project to completion. Some studios and freelancers charge flat rates for projects based on their experience, and others quote based on the estimated number of total hours at their dollar per hour rate.
Regardless of the way that you price it’s most important to be transparent about why you’re charging what you’re charging.
Need a quote on a video project you’re looking to bring to life? Feel free to reach out at triadstudios.co/contact.