Navigating The World Of Video Production Costs: A Comprehensive pricing Guide For 2024
Navigating the world of video production requires a strategic understanding of it's associated costs. It can quickly become daunting, There is huge variance in video production costs online offering various packages and "deals" but many pricing guides seem to be plucked from thin air or manipulated to make you feel like you're getting value for money - when in fact it's just clever marketing upsell. In this article, we'll explore in detail the intricacies of video production expenses, shedding light on the key factors that influence the overall budget to assist you in finding what will work best for you and your approach.
Written by Dylan Smart
Co-Director at 24tides.
About Us
WHERE DO I START?
Let’s Break it down in a simple way…
There are generally 4 stages of production.
- The Ideation Stage.
- Pre-Production
- Production
- Post-Production
Each stage is critical in the final product and should not be disregarded and each stage here has their own associated costs.
THE IDEATION STAGE:
Whether your’e shooting a complex narrative television advert or a simple meet the team style video. It all has to start from something. The initial concept that will be driven from a discussion with both parties focusing on the clients goals, targets and demographics. Will you be charged for the initial consultation and further meetings regarding this? Factor the time associated costs in here if you are being charged for initial meetings and discussions.
PRE-PRODUCTION
Script Development and Storyboarding:
Crafting a compelling script that is succinct and resonates what you intend to display showcased with the visual accompaniment is pivotal. Costs can fluctuate based on the video’s complexity and duration.
Enlisting an experienced writer for a 2-minute creative promo film typically ranges from £600 to £1250 per script. Storyboarding, an essential visualisation tool, introduces an additional layer to filming costs.
Hiring a skilled artist for this task generally costs around £350-£600 per day and may take several days to a couple of weeks, depending on complexity.
Organisation and Planning:
To ensure the ideas and vision translates into a tangible product, the production company must organise all aspects of the production, from hiring the crew to arranging catering on the day. They act as the primary contact for the client and all departments, overseeing every detail to ensure the project runs smoothly and delivers the final product on time – the associated hours will vary dependent on the complexity of the project.
Location Scouting:
The time accrued by whoever is scouting said location. When opting for on-location filming, navigating permits and scouting fees also becomes a factor. The cost spectrum for suitable filming locations typically begins at £600 and can extend to several thousand per day. The variability relies on many factors like square footage and the distinctive style of the chosen location as well as demand and convenience.
Casting:
This includes Talent such as models, actors, extras, and voiceover artists. Talent costs vary significantly based on experience, roles, and platform usage (e.g., broadcast television commercials vs. social media posts). Expect to pay full-day rates for actors at a minimum regardless of experience.
These guidelines are generally an accurate representation. However, please note that actors with dialogue roles will often request a higher fee than your basic day rate.
Expect also to pay for the time it has taken to find said Talent via the production company, which is often a rigorous process of finding the right person for the job involving multiple stages of interviews.
PRODUCTION
Filming and Crew Expenditures:
The dynamics of filming days directly influence crew costs, encompassing salaries and potential overtime pay. Factors like crew size, experience, and shoot complexity play a pivotal role. As a general reference to the cost of hiring freelancers.
We often refer to:
This guide as do many of our peers in the industry.
Streamlining through use of efficient planning proves instrumental in optimizing filming days and bringing down those overall costs but having a well-optimised expendable crew that caters to the specific project demands is a smart move for your time and your money.
Insurance and Permits:
The important task of securing filming permits and necessary insurance contributes to the budget but guarantees a secure production process. The costs associated with permits and insurance fluctuate based on location, shoot type, and equipment requirements. Production companies should have insurance for their own negligence and any associated costs regarding their own health & wellbeing, equipment costs etc.. they would also be expected to cover damages for any accidents, damages etc if the production takes place outside of the clients place of work/premises in which case, the client may be responsible for some of the insurance.
Travel and Accommodation Considerations (only if applicable):
When engaging in on-location filming, factoring in travel and accommodation expenses for the cast and crew is wise. The extent of these costs hinges on variables such as location, travel duration, and the chosen type of accommodation.
Editing & motion graphics:
The cost depends on several factors, including length of the video, complexity, archive footage used (if applicable), and desired effects. Motion graphics dependent on how time-consuming they are can add up expenses fast and consume a lot of time.
A typical 9-hour edit day rate is about £350-£800 per day again, depending on experience this is varied.
Colour Grading:
Raw footage, often shot flat (no colour) undergoes the process of colour grading in post-production. This enhances visual quality through adjustments in colour balance, contrast, and saturation, achieving a natural and aesthetically pleasing look.
Expect to pay £300 to £1000 per day, factoring in video length, complexity, and desired detail.
Sound Design and Music Licensing:
Music licensing expenses can vary widely based on the chosen track and usage rights. Subscription services with extensive music libraries, are often used by production companies to save on the cost of outsourcing music specifically crafted for the project this is also applicable for many sound design elements which are a vastly overlooked part of a film especially in talking about narrative commercials – if you want this made specifically for a project:
Expect to pay £500 at a minimum if you want to have music crafted specifically for your project and £250-£650 a day for a foley artist to assist with sound design.
REVISIONS AND DELIVERY
Are you happy with the final product and does it achieve what you initially conceptualised? is there a clause in the contract for revisions? If not how much will it cost per hour of revisions? This can be a very expensive hidden cost that is often overlooked.
Does it adhere to the chosen delivery format, quality, aspect ratio?
Is it going on a website, social media platforms such as Instagram, Facebook, LinkedIn & have they correctly formatted the work for each platform?
ADDITIONAL COST FACTORS:
Equipment rental:
Filming equipment can range from basic cameras to high-end drones, and rental costs depend on the chosen equipment and filming needs.
Expect to pay anywhere from £100 to £500 per day for basic camera and lighting packages, whilst high-end cinema cameras and professional lighting setups can reach £2-3000 or more per day and can vary greatly dependent on location, availability etc.
This cost variation reflects the difference in image quality, versatility, and features of the equipment – Most production companies will likely own their own equipment or need minimal rentals however, when producing content for larger scale adverts or brands with budgets over £10,000 – using a higher end camera is often a necessity.
FREELANCER VS VIDEO PRODUCTION COMPANY?
A seemingly budget friendly option would likely be hiring a freelance videographer – often working alone, this comes at the cost of not being able to rely on other crew to delegate certain roles. This can quite often mean the work is of lesser quality due to the freelancer having to focus on multiple jobs at once ie, camera, lighting, audio etc and retaining a high standard across all mediums.
Many people opt to hire multiple freelancers and assemble their own crew – the pitfalls of this can be complex. One freelancer may have a completely different style of working, different ideas, different equipment which would affect the look of the final video and may be noticeably different visually if cutting between different camera systems and lenses, less or more knowledge than their counterparts which can cause an inefficient workflow and wasted time and resources. This could quickly add up in cost as you’re now paying multiple people for their time and your own and if their are any issues with the final product you may have to mediate between multiple people making it a complex nightmare both technically and mentally. The list can go on and on, but we would highly advise not to go down this road as we’ve seen and heard it all before. Also, please be aware that many production companies now hire freelancers to do their work for them whilst they sit back and do nothing. Morally this is a grey area as everyone is usually getting paid however, if you’re looking for a personal touch this can often fall short of expectations for the aforementioned issues that come with hiring freelancers as previously mentioned.
Having a dedicated production company with fixed fees and expendable crew is very much going to be the cheaper, better quality option.
HOW DO I CHOOSE A VIDEO PRODUCTION COMPANY?
It is key to understand that a skilled production company not only handles management but also ensures a strategic and results-driven process. They will offer expertise in video distribution & strategy whilst utilising higher-end equipment for scalability in handling larger or multiple projects. Understanding that video production is a process and not a quick solution is imperative to get the results that you want without wasting your time, money and valuable resources.
Finding a company that works for you will be a process of elimination.
Ask yourself these questions:
Do I like the work that they have done previously and does it align with the type of video I want to get made?
Are they transparent about their pricing structure?
Do they have a good reputation?
SHOULD YOU GO CHEAP, OR INVEST IN HIGH-QUALITY SERVICES?
When it comes to promotional videos, the spectrum of pricing is wide, ranging from budget-friendly options to premium services. Looking beyond the cost & focusing on the potential value a professionally produced video can bring to your business or brand, consider the consequences of a poorly executed and inexpensive video – will it capture the attention of who you are targeting? or will they just click away never to return again…
Would you rather pay for something higher quality and not have to worry about it again? or would you rather constantly cycle between cheap services hoping that one time it pans in your favour…
You don’t want to be wasting your time and money on cheap services as you’ll most likely not see the results that you want the first time.
As a general rule, don’t assess the immediate cost but envision the end result and the impact on your business or brand. Opting for professionals ensures higher quality, attention-grabbing content, sparing you the hassle and stress associated with inexperienced companies. The potential consequences of a poorly produced video are significant; viewers are unlikely to engage, and the investment may fall short of delivering desired results wasting your time and money.
CONCLUSION:
In the world of video production, finding a service that is good, affordable, and swift is often a challenge. However, a select few companies manage to strike the perfect balance, providing a sweet spot where quality, cost, and speed align for optimal outcome.
As always, it’s important to find out what works best for you, your goals and budget – after all, video production should be seen as a strategic marketing tool to elevate your brand or business.
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