Video is everywhere. If your business hasn’t utilized video marketing yet, then you’re doing it wrong. In 2019, video will make up 80% of all internet traffic. Without video, you’re missing a huge chunk of your digital audience.
But you don’t want to film this DIY. Even though you think an entry-level DSLR or your iPhone can cut it, anyone can tell the difference between DIY and professional quality. But as you can guess, video isn’t cheap.
Are you working with a streamlined budget and wondering if video can fit into your marketing plan? If so, you should know the video production cost. Read this guide and start budgeting.
What You’re Paying For
When you look at the final product, you’re probably wondering what all goes into filming, editing, and even exporting the video. Here’s a breakdown of the many aspects of video creation.
The Video Type
No two videos are the same – even in video marketing. A company commercial is far different than a product demonstration video. And these types of video come with different price tags.
A video production crew films each video type differently. Some videos require different aspects, such as animation and effects.
Other videos require more or fewer actors. Some production crews may be willing to cut costs, such as filming you instead of hiring an actor.
The video quality also determines the price. If you want your video shot in 4k, this comes at a higher price than shooting your video in standard quality.
As you can guess, longer videos are more expensive. Rather than jumping on a 30-second commercial for a fraction of the price, gauge what your company needs.
For example, company story videos are becoming increasingly popular. These videos discuss your company, interview you on how you formed your company, and what makes you different from your competition.
The film crew will also film your regular business duties – both in-front of customers and behind the scenes.
They may even get other footage to develop a better understanding of your business, such as filming your employees and even your family.
These videos help your audience develop a better feel for your company.
Other effective examples of longer video content include product promotion (a unique menu item or “the product everyone needs”) and even a video where you appear at an event (such as an expo or convention).
If you realize longer videos aren’t in your budget, don’t sweat. The videos that perform best are still under a minute long, which is perfect for company commercials or a quick company introduction video.
Pre-production is an essential process for all video needs; whether you’re filming a product demonstration or a feature film, every video has to go through the pre-production phase.
In short, this is the boring but necessary first filming step. This includes location scouting, writing the script, scheduling the shoot and devising the budget.
This process takes a lot of time, which also means it costs a lot of money. Unless you’re the one handling the pre-pro (and you probably won’t be), expect a large chunk of your money to go towards this process.
Hiring a single videographer may seem like you’re getting the most for little money, but you may not receive the best results.
Have you ever paid attention to film credits? Do you notice they list a whole list of people? That’s because many hands are required to create a genius work of cinematography.
Even though your company is only paying for a relatively short video, many people are required to make this video happen. And these professionals aren’t cheap.
Necessary video production crew members include:
- Director of photography (the one in charge of filming and lighting)
- Camera person
- Sound technician
- Gaffer (or chief electrician)
- Any production assistants (PAs) or lighting technicians
Other potential expenses include:
- Specialty filming aspects (drone, 360, animation, graphics, etc.)
- Specific gear (multiple cameras, etc.)
The prices for these individuals and services don’t include the full price of the video production process.
One of the main reasons why video professionals and services are expensive is because they’re spending a hefty price on their equipment.
Let’s take a look at one camera alone. Professional camcorders and DSLRs (able to take still photos and video) start out at around $3,000. And this doesn’t include the cost of lenses and other equipment such as tripods and microphones.
Video production professionals need to ensure they make their ROI. They will include the cost of equipment used in their rate. The more equipment required, the higher the rate.
In short, this is the overall editing process. The editor will cut and splice your clips, add coloring, effects, grading, and other vital editing aspects to your video.
Like the equipment, editing software is expensive. Your video production crew will use professional video editing software and possibly other software to add animation and effects.
So, What’s the Video Production Cost?
Well, it depends. Your video needs can be different than your competitors. And no two video production companies are the same – each offers different rates and packages that are tailored to your needs.
If you need an actual number, budget for at least $5,000. This is a general cost for a short video, such as a commercial.
There are also many ways to cut video production costs. You can handle certain pre-production aspects in-house, such as choosing a filming location and using your employees as actors.
And you should never sign on to video production services without comparing different companies and rates.
Are You Ready to Film Your Company’s Next Video?
Video is a necessary marketing tool. But the video production cost can get high. Just know you get what you pay for. There’s a lot that goes into video production and spending the extra money results in an amazing video.
If you’re based in Toronto and need videos for your company, take a look at our services.