How much does video production cost?

Whether you're in need of a corporate video or a TV commercial (a question we always get is) "how much does a video cost?" And the answer always depends on what type of video do you need? Though the answer is generally not concrete or finite, I’ll do my best to explain what exactly goes into the pricing of a video.

There are a variety of factors that affect the final costs of your video project, however, If you have the proper knowledge high-quality video production services don't have to cost an arm or a leg. Factors to be aware of include: length, type of video, complexity, and scope of the project. Some social media videos just need time and resources. In contrast, more complex shoots like TV commercials may need additional crew members, expertise, equipment, and an overall longer video production process.

You could easily spend $20K on a 30-second TV Commercial and $5K for a 2-minute video. They both require pre-production, filming and editing but two very different approaches to get to the final video.

One thing to consider is your "budget" regardless of everything we're going to cover in this post. Having a clear budget in mind, will help your video production team know what type of video they can produce for you. Think of this as searching for a new home, letting your realtor know your price range will help them find the right house that fits within your budget.

Top 3 Factors Influencing the Cost Of Video Production

Urgency: How quickly you need a video done can significantly impact a video production budget. Certain types of videos (like an event video) requires little pre-production and can be shot within a 24-hour notice. You’ve already booked and decorated the event space; your video team just needs to arrive and capture the energy of the event and guest attendees. On the other hand, a TV commercial requires extensive planning, from script writing to finding the right actors and location. It takes time to prepare, and it costs more when that time is limited.
Type of Video: Certain video styles have price ranges that are more expensive than others. Corporate brand videos usually have a "medium" price tag because they require more moving parts, like coordinating with staff, locations or multiple interview sessions.

A Brand Video/Profile Business Video is essential to any business in our digital era. These videos are created to give your business the advantage of making the right first impression with any potential customers. They can range between $8K - $4K for a good brand video.

Alternatively, "Talking Head Videos" typically with one speaker or a testimonial video with one of your customers can range between $4K to $2K for a 1-2 minute interview video. Additional factors would be teleprompter, make-up artist and greenscreen.
Time on set: Complex project with actors, dialogue and multiple locations can require longer and multiple shoot days. Producing a high-quality video takes a full team and those daily rates need to be accounted for when budgeting for a project. Short videos don’t equal short shoot days. Most 30-second commercials have a full crew behind them throughout the production process.

Video Production Day Rates:
Most video companies have standard rates which cover, pre-production, filming, and post-production. Here's our standard pricing breakdown for video projects which includes one producer, cinematographer, and camera assistant. Remember, daily and half-day rates can vary dramatically depending on the region and level of experience.

Our video production rate at Tasca Studios.

$300/hr (2-hour minimum)
$1,500 - Half-Day Rate (4-5 hours)
$3,000 - Full-Day Rate (8-10 hours)

Additional factors that influence how much do production companies charge

Actors
Drone/aerial footage
Extensive script development
A popular filming location
Popular songs
Custom Music
Mulitple days of shooting
3D Animation
Special Effects
Stock Footage
Sound Design
Studio Rental
Make-up artist
Greenscreen

When should you invest into your video production.

You need to ask yourself, do you see video as an expense or an investment? Is the video you're about to create going to help you in your sales processes? Are you using it to reach new customers? Or are you creating a video because you just want something cool to share on social? Consider the impact the video will have in your business in the next 1 to 2 years.

Video marketing is a potent tactic businesses, and companies use to widen their target audience and increase their conversion rate. According to research,

Companies that have invested in business videos saw a 49% increase in revenue growth compared to those who didn't.
People are 64% to 85% more likely to purchase products and services after watching business/brand videos, and 93% of businesses landed a new customer because of a video on social media.
86% of consumers want to see the faces behind the businesses they’re aligning with, which is why brand videos have become popular.

But it's not just about creating an engaging video - because what good is a beautiful video if your audience never sees it? Many businesses end up feeling frustrated with their video because it gained little online traction after they’ve poured so much time and money.

Consider how you plan on using and distributing your video. Is this going to live on your website or going to be utilized internally within your company. Share that ahead of time with your video production company so they can plan accordingly. One thing we highly recommend is utilizing video SEO for local businesses as it has great search benefits for your website and organic traffic.

How To Save Money on Video Production Services

High-quality video production services can cost a pretty penny, but have no fear! Here are some of our top tips to save money and keep production budgets low.

Pre-Prodcution: Pre-production is a huge part of your budget that can help off-set costs. Having a clear idea of what you want along with a rough draft or a script or idea can help your video production team work quickly on refining the concept and getting you from script to screen.
Location, location, location: Sure, professional studios can look amazing, but they aren't cheap. If you can, opt to shoot at your office to save on some serious dough. This will allow you to save on location rentals (and if you happen to go over, there's no extension fee).
Revisions: This is a big one! Revisions can be a huge factor on your budget and delivery time. Having a dedicated person on your team as the main facilitator for your company will help minizine back and forth for your project. Another factor is how quickly you can gather feedback for your video. The longer the video project stays open the more a video production company will usually charge you as they have to keep editors, project managers and storage available for your project.

Things to Consider When Hiring A Video Production Company

1. Do they have positive reviews from clients?

Online reviews are an essential tool for consumers today. A simple Google search will reveal if a company has a bad reputation. If there aren’t any negative reviews, you may find out about a company through social media accounts. Ask their clients for references and see what response you receive.

2. Do they fit in with your team?

3. Can they market the video once it’s done?

4. Do they have a process?

An experienced video production company should have a step-by-step process from start to finish. Not only that, they should be communicating that with you every step of the way. If they ask you to fill out a questionnaire and then go into their “magical den of creativity, " that’s a red flag, and you run the costly risk of having your brand misrepresented due to lack of communication.

It’s beneficial to your business to find the right video production company you can trust to provide quality video production and advertising services. For South Florida business owners looking to find a cheap video production company with the fastest turnaround, we're not for you! – we're also not the most expensive or the slowest. It's imperative to find the right video production company that will provide your business with overall value and high-quality services - because how can you ask your buyers to invest in your product or services when you do not invest in yourself?

How We Can Help

Hopefully we provided you with a better understanding of how much production companies charge. While price ranges are never set in stone, we can provide an average cost and ballpark figure, so you know what to expect. If you're interested in getting a real budget estimate for your video project, then fill out this form here.

Tasca Studios is an award-winning video production company based in West Palm Beach, and we strive to be a value-first and professional video production company! If you’re considering outsourcing your video production needs, give us a call to discuss your free video marketing strategy.

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