Asking how much does a video production cost is a very general question. It is similar to asking how much does it cost to build a house. The answer obviously is - it depends. Different projects will have all of these different requirements and characteristics, which means that it will affect the cost of production accordingly. For example - where you want to produce your video? A video production company in London will charge differently than a video production company in some other, less populated and less in-demand location.
To start with, it has to be stressed that videos are divided into two main categories: footage based videos and animated videos. Animated videos are placed on the more expensive side of the spectrum because they tend to be calculated per minute and each minute can cost starting from £700 (in UK, year 2017). On the other hand, footage based videos can be produced with a budget as low as £500 for the whole production (in UK, year 2017).
It’s also important to understand that the cost of producing your video will also depend on the company or person you’re willing to work with. That being said, you should keep in mind that all of the prices that are mentioned here should be taken with some reservations. For example, as stated before, a video production company taking its first steps on the market in a less populated territory would charge a lot less than an established video production company in London.
On a Budget: What Kind of Video is Possible?
With a £500 budget you’ll be able to afford several types of video, such as: talking head video, interview style videos, video testimonials, Frequently Asked Questions, Q&A videos, a simple music video, and other videos that are on the same line.
A £1000 budget will open a few other more sophisticated options such as demo videos of a product or service, tutorials, training videos, educational videos, and such.
If your budget is larger than £1500, then frankly the world is your oyster! The options include (and are not limited to): corporate profile videos, corporate documentaries, commercials, adverts, brand films, animation based videos, short films and even feature films.
What Drives the Cost of Video Production?
This is an important topic; the more educated you are about the components of video production, the better you’ll be able to negotiate and come to agreements about the total cost of what you want to make.
To get you started, here are some of those components:
- Development of Concept, Script and Storyboard: This is one of the components that will cost you extra money if you choose to leave this kind of work to other people. If you’re up to the task of creating your own concept, script, and storyboards, it will reduce your final cost.
- Expertise: Hiring less experienced people to be on your production team has its pros and its cons. The truth is that a recent film school graduate will charge a lot less than an experienced producer or established video production company in London or other major city. It just comes down to weighing your choices.
- Shoot Length: The less time it takes to shoot your video, the less money it will cost you. Reduce the amount of time spent by developing a simple concept.
- Locations: This goes without saying; shooting in the places you already have access to or in a small studio will cost a lot less than moving around to several locations or renting bigger studios.
- Travel, Accommodation and Catering: If you reduce the need for these things, you will reduce the overall cost as well.
- Equipment and Crew: The equipment you’ll need will depend entirely on your concept, so if you’re on a budget make sure you tailor your concept so you won’t need advanced equipment and a large crew.
- Actors, Presenters, Talent and Voice Over: Hiring a celebrity actor - prepare to pay. On a budget? Consider working with your own staff as on-camera talent. You can create a great video without on-camera talent too; it’s all just a matter of playing the cards you have at your disposal.
- Special Effects and/or Animation: These will cost you extra money because you’ll need specialised professionals; no way around it.
- Set, Props, Wardrobe, Hair and Make-Up: If your concept relies on this kind of thing, the total cost will be different than using a simpler setup.
- Music: Costs differ greatly. A licence to use a well known artist’s song can be very expensive. In contrast - many well loved musical pieces are in a public domain and are available free of charge.
Note: The components mentioned above are just the most essential ones. There are many more components which determine the cost of video production.
Conclusion
Once you’re familiar with these video production cost components, it will be a lot easier and more effective for you to negotiate the final price. A useful tool to use if you want to have a rough idea of how much it will cost to bring your idea to life, is the video production cost calculator by CineEye - a video production company in London.
For more details visit : https://www.cineeye.co.uk/
