How To Budget For Video
I’m sure one of the first questions you ask yourself before seeking video production services is, “how much is this thing going to cost?” Hopefully I can guide you through a process to become better at budgeting for your next video project.
First off, the sky is the limit. There’s a ton of things that you can do to make a video “sing” so to speak. When you watch a Samsung commercial for example, not only was there high dollar spent on the the creative/concept and execution, but also on the overall production. It’s amazing how fast dollars add up on really well executed commercial. However, if you’re reading this blog, I’m guessing you’re not ready to spend a cool million.
To save time, I’ll show you a few different budget ranges and what types of videos fall into those ranges. *Just a side note, this is based on using a professional video production company.
$1500-3500: This budget range could include videos like: corporate videos, interviews, real estate, graphic explainer, or even shooting a small event. In this range, you will be doing a lot of the heavy lifting and "front end" work yourself. Things such as: creating the idea, writing the scripts, organizing the shoot, etc. The involvement of the video production company on the vision will be minimal- and usually a 2-man crew to shoot and edit. With that said, you will still be getting is a fully produced, professional video. Most likely with professional voice over, some light graphics and royalty free music. Still something you can be proud of!
$4500-10k: This budget range will fall into more creative pieces like: branded videos,
more in-depth corporate videos, or even medium sized events. Your production company
should be able to pitch an idea or help you develop your vision into a script. You will be able to add more production value with things like drone aerial footage, crane shots, etc.
And.. possibly a larger crew (because we know time is money!) The final piece could include some “extras” in post production like: light animation or motion graphics - as well and custom logo bumpers so that your brand shines more.
$10k-20k: This budget range will take everything in the previous range and add to it. Most of all you’ll get more time! More time for development, production, and post. Your video may need an extra day or two of shooting due to multiple locations. Or It could be an out of town shoot and the crew will need lodging. Whatever the case, this budget range will give you a lot more creative flexibility. Videos that fall into this range could be: branded videos, regional commercials, webisodes, full animated videos, and more.
Obviously these aren't all the types of video content and we know budgets can keep going up from there. But don’t let that keep you from trying to get your vision created. Even if you need to start out small.
We recently did a video for a company with a budget for around $7500. So let me break it down to show you some of the “variables” involved. (BTW This does not show the time spent with client relations.)
Creative/Concept - There was time involved with creating the idea, scripting, and storyboarding.
1.5 Day shoot (out of town)
3 man crew. - Lodging (comped), Meals, Gas.
In-house equipment. - We used our own camera and gear. No rentals involved.
Animation - 12 sec.of 3D animation. (mid level animator)
Post Production - Edit/Sound Mixing/Color Correction
So as you can see there’s a lot to think about when budgeting for video. Maybe you already have a price in mind, so hopefully you can look at these ranges and find where your project falls. Just let your Video Production team offer their expertise to guide you to figure out the best video to fit your need. Remember, you can always go bigger later!