Video production pricing has changed dramatically in the past couple decades. There was a time, back in the day when flip cameras, YouTube and smart phones weren’t so common. Therefore, you would find that video production then was a big investment. Those were the days when producing a video could cost more than $10,000 easily. Advances in technology have lead to the cost reduction of video equipment and software. Also there is the popularity of video hosting websites for instance YouTube and Vimeo that have allowed the process to be a lot more affordable these days.
When it comes to video production pricing there are two schools of thought. There are the people who think that video production is too expensive, therefore believing they cannot afford the thousands of dollars it would require. This is what prevents them from utilizing video marketing for their business.
Those in the second school of thought are the ones that think that anyone can create a video. While anyone can create a video, a professional video ad is much more than pushing the record button. It is also more than throwing footage on a computer and completing. These persons think that because videography is so prevalent it shouldn’t cost so much.
But we are here to tell you it is much more than that, at the same time it doesn’t have to cost a fortune to have it done well. What you should know is that there are many things that affect the total cost of video production. We at Solved Puzzle want to share those with you.
What Affects Video Production Pricing
Video production pricing varies greatly. You will find most firms will offer different packages and let you know what is included at a certain price point. They will also give you the option to choose what meets your needs if a pre-existing package doesn’t meet your needs. However, packages are not just about a one man shoot or a one camera shoot. There are a number of other things that affect the video production pricing total that you see on your quote that may not be outlined. In a previous article we outlined the process of video production from start to finish. Here we try to break down the pricing for you from start to finish.
It is true that you get what you pay for and this is not just in the area of video production pricing. It is the same with lawyers, electricians, dentists and hairstylists just to name a few. You will find that for someone with more experience, it is going to cost more. So you could be paying $25 per hour for someone who has just graduated or who has less than 5 years’ experience. However, if you were to take on someone who has been in the field for years you may see them charging $250 per hour.
Script development is very important for a video. It is at this step that important insights are captured. If you don’t have a good script it won’t matter how good the lighting or the audio is. Script Development can cost anywhere from $50 to $150 per hour. This will cover the creation of a script, a storyboard and a concept for your video.
What are assets you ask? These include images which could be licensed photos, stock photos or custom photos. In the category of assets is also video, including custom video, stock video, licensed video, stock illustrations, 3D models etc. You don’t want to run into any type of copyright infringement issues down the road so if you need video assets for your video there is a cost for those as well.
Stock photos can cost around $5 and stock video could cost around $10. Then there are Cut-Away and B-Roll shots which can be used in the video to make it more entertaining and to keep the audience engaged. These can increase your video production pricing costs anywhere from 15 to 50%. How much extra it costs depends on how much time is used to accomplish the shots. The type of equipment used also plays a major role.
If you think anyone can be in a video then you need to think again. The on screen persona of everybody is different. Depending on the type of video you may want to be the person your audience sees. There may be the need for the person in the video to look like those you are targeting. Then you will need to have some talent to come in which may cost you up to $500 per hour depending on who you want.
Included in this category are all titles, motion graphics and animations. These special effects can range from being relatively simple to elaborate and extravagant. Prices for special effect can run from $65 to $225 per hour. High quality 3D animation could cost even more based on how complex the project is.
Where you are shooting, whether it is indoors or outdoors, has a bearing on how much your entire project will cost. Other location factors that affect cost include:
- Filming in multiple locations
- Travelling to different locations
- Needing a stage or studio
- Shooting with a green screen
You can find royalty free music or you can have a custom score created. If you need special sound effects and additional audio those will also affect the price. You can find royalty free music as low as $11 for a short 2-3 minute track. If you are looking into having a custom score created then that will add up to $1000 to your total cost.
A crew can include a Director, a Director of Photography, a Camera Operator and personnel for lighting, sound, grip, makeup & hair, an editor and an animator or motion graphics artist. Not all these personnel are necessary for all types of projects. Most often the key personnel you will need will cost between $45 and $150 per hour.
Video Production Rates for Different Types of Video
When you consider video production rates and the many things that affect it, it can be hard to determine an exact price. Anyone in the industry will always tell you it depends on if you ask about rates or costs. That answer of course is not a very helpful one. Especially if you are asking the question in order to plan for your own video production.
To make it even worse you will find that many production companies don’t even advertise their prices. Check out a few websites and you will notice that there isn’t a pricing page. There is always a page where you can request a quote, but no pricing for you to ball-park and compare them with other companies.
Video production rates can vary remarkably. In just the same way your video needs may vary remarkably. Truly, you may need different types of video content for the different sections of your target audience. The truth is that buyers everywhere are at different stages of their journey. This means that there isn’t really a one type of video that will appeal to everybody that is in your target audience demographic.
Differences in Your Target Audience
So, to understand what type of videos you need you first need to know your audience. Some of your audience is just in the searching stage of their buying journey. They can be found at the top of list. For these individuals, a simple 45 second video is good. This video can answer a question they may have and introduce your business to them.
The next stage is for the buyers that are further along in their buying journey. They are considering a purchase and so they will be more open to a longer video. These people want more details and are willing to watch a video that is up to three minutes in length.
Then you have those audience members that are ready to buy. A video for this audience must be rich in content and context. The length of the video in this instance is not very important but the delivery has to be well thought out. This is because after this video your audience member will buy, and if not from you then that means your competitor is going to be getting some business.
Awareness videos are useful for those that are just researching about the product or service you offer. This stage is very crucial, you want them to find you right away. This will prove that you are an expert in your niche and gives them less chance to look at the competition.
These videos need to be short and sweet. Videos used to make your audience aware of your presence should include one character expounding on one topic and should not last for more than a minute. The topic of your video can be “how to” type videos or videos that explain what you offer or how you can help. These will help your audience to see how you can help them and that is what they are looking for so it will grab their attention and pull them in.
Our research shows that average video production rates for these types of videos will run from $3000 to $5000. Except for if you choose us to do your video production. In that case our basic video production packages comes in at below that $3000. We charge $2800 for the same package that would run you between 3 and 5 thousand dollars elsewhere.
Video Production Rates for Consideration Videos
These videos are useful for those who have done their research and are considering making a purchase. These videos can be informational – so include the company’s culture, the company overview or get up close and personal about you.
Our research shows that the average video production rate for videos such as these run from $5000 to $8000.
Video Production Rates for Decision Making Videos
These videos are for those who are now ready to buy. These videos can be video testimonials, fundraising videos, development videos and anthem videos. They are your last chance to grab your audience and convert them into a customer. This video must hit home with your audience, so it must include heartfelt testimonials or should reiterate the value your service or product offers.
Our research shows that the average video production rates for videos such as these run from $7,000 to $12,000.
The costs of your video are all dependent on a number of things. It is dependent on the depth of your story. The deeper your story, the more it will cost for you to complete your video. The more elements you add then of course your costs will go up. Writing, scripting, producing and editing all takes time. The more time they take the more dough you have to shell out.
You will find that most freelancers are more comfortable getting paid an hourly rate. There are also those that charge a day rate. As well as there are those that charge fixed rates per project. Once again the answer to the question – How much does it cost? All comes down to the answer – it depends.
Bear in mind always that price usually correlates to quality. You don’t want to compromise on quality just so you can pay a cheaper price. If you choose a freelancer just based on their low price you may be disappointed in the end result. You may even find yourself with an unusable video.
If you choose to go with a freelancer, ensure that you check out their background and that they have references. Let them provide samples of their previous work so you can judge the quality of their work. We live in a digital era so it shouldn’t be hard for you to get all the information you need from a freelancer to help compare them to your other options. You can use this handy tool to determine what other freelancers are currently charging for video production.
Solved Puzzle Video Production Rates
Video production rates vary from company to company. They also vary based on what kind of video you are looking for. For most companies, your typical promotion video can range in price anywhere from $3000 to $10000 per minute. On the lower end of the pricing spectrum you will get a very basic video. Generally, you will find most companies don’t offer you with script writing, storyboard creation, voice-overs or a dedicated animator. The typical company will show an animator that is great at his job can cost up to $500 per day.
Here at Solved Puzzle though, our basic pricing starts at $2800. At this price you will see all the features you would get form another come for a basic package that can cost up to $5000. If you choose us for your video production needs, you can cut your costs dramatically. And that is a great benefit. We offer much more than the basic package, so get in touch with us and let’s help you make your video. Take a look at our other services as well, we may be able to help you in other ways to grow your business. Let us help you wherever we can, it would be our pleasure.
Rendering and Compression In video production pricing
During the production process there are a number of file formats that shooting can be done in. This footage has to now be transferred to an editing system. The different file formats may need to be converted so that the editing system can work with them. Then, after the editing is done the video has to be rendered for its intended used. Then there will be the task of uploading or other distribution which is dependent on your needs. These processes can cost anywhere between $25 and $75 per hour.
So what does video production pricing come down to? It is not a simple answer as there are a number of factors that affect the total cost. Some of the above mentioned factors may not come into play with your project. And while you could always record a video with your phone and upload it to YouTube. That is not how you want your target audience to see your business. There are many variables that affect price, but you will find that a professional video that reaches your audience is money well spent. There are different pieces of the video production puzzle that affect what you pay. Don’t be deterred by what you think it costs, instead find out what it costs and how you can get it done.