WHAT IS COST OF PRODUCING A VIDEO?
This Question has no single definite answer. Generally video producing companies do not follow a standardized procedure for pricing their services. Each video project is approached as a unique project. But you can be guided through some key factors that will effect the cost of video. Following are some key factors:
- Video Length:
This is the most obvious variable determining the cost of video. Contrary to what you think shorter videos can sometimes cost more than longer ones. This is because costs vary not due to length but due to platform and context used. This will be a pre development decision; meaning you will not get any surprise during the making stage. You would already have been informed about the cost variations in context and platforms. Animated videos, original shots or infographic video costs will all be different despite the same length.
Consider YouTube video production pricing. The ad unit requirement for a pre roll ad for YouTube can only be 30 seconds long. It will be interrupting the viewer’s choice of video so it’s length needs to be restricted but will need professional actors, to-the-point script and some fancy shots. In contrast, a how-to video can be of 8 minutes and can be filmed using just a webcam.
Companies avoid video giving production costs per finished minute, because once a video has been shot in preliminary stages, it takes much more time to reduce the length of the footage than to leave it as it is. Video editing process is in itself a very important factor in determining your viewer engagement, strengthening the story and ultimately getting the original objectives of the video.
- Video On-location or In-Studio:
Many video producing companies have their own Studios that have controlled environment and restricted background noises. But often your office location or some other location becomes the character of the story and hence a video has to be filmed on location to give it a more authentic look.
Filming on location will however mean higher time and effort requirement in travelling, loading, unloading, setting up and packing. Moreover if you plan to film on a public location you might have to purchase a permit or require a supplemental insurance. Shooting a video on location will therefore become comparatively expensive.
- On-screen Talent or Interviews:
If you are going to use members from your own team as you are organisational spokesperson you will be saving casting and talent costs. But when using internal members is not suitable, you will have to spend money on casting and acting talent. Sometimes even the quiet roles are of such importance that an experience actor has to be hired.
Sometimes you can film interviews rather than a story to lend more of authenticity to your video. Scripted videos will give artificial atmosphere to your story whereas interviews will be just genuine opinions of original people. But again video objectives will determine for you what will be the best method to depict your story.
- Motion Graphics and Animation:
Basic on-screen text elements and 2D or 3D animations will vary the overall cost of your video because each feature requires different amount of time , effort and expertise level. On another hand, sometimes animated video production costs can become a cheaper than filming with original actors locations and props.
You are advised that you keep your script simple and focus on the underlying concept that you want to project with the use of animation and story. Do not go too unrealistic with animations and graphics. A professional script writer can help you in choosing the best way to film your video within your given budget and using features that will not harm the clarity of your video.
The factors that have been listed above will affect the overall cost of video production. However the approach of assuming the pounds spent on video production as cost is grossly misdirected. Video production is instead an investment that can be helpful in generating leads, converting visitors or closing on more deals for your business.
Videos can increase awareness, achieve greater retention rates or create lasting Impressions in case of a social, moral or educational initiative. You should instead think in terms that if a video cannot help you minimise your other costs or generate measurable returns why you should be producing it then.