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How Much Does Video Production Cost, and What Can You Spend That On?

When you think about video production, what do you imagine? Hollywood-style studios with million-dollar budgets? Cameras and microphones everywhere? People in suits yelling orders at each other and running around frantically behind the scenes of a live shoot – or maybe on location in some exotic locale somewhere far away from home. What if I told you that’s not how most video productions work today? Chris Martini from Melbourne based Video Production company, Otticolab was kind enough to share some tips on what you should be looking for.

The truth is that modern video productions are all over the place. They can be as simple as a one-camera setup shooting an interview, or they could use drones to capture sweeping aerial shots of your company headquarters. The sky (and budget) is really the limit when it comes to making videos these days!

Why Video Production?

So why should you invest in video production? There are a lot of reasons: One-it’s an amazing way to get your message across to a larger audience. Two-it will help you stand out in the crowded field of competition. Three-you’ll increase customer engagement and retention, which is an important aspect for any business today!

What You Can Spend That On: When it comes to video production, you could spend anything from a few hundred bucks on some cheap equipment for an interview type of video all the way up to $500K+ for something bigger like a full-length documentary or feature film. The one thing that most people find surprisingly, though is that video production doesn’t just have to be expensive. In fact, you could start out with something as simple as a live stream and spend less than $100 for the entire thing!

Let’s take a look at three types of video productions and what you can expect to spend on them.

Type One: Interview

This type of video is usually shot in a studio or one location. You’ll need a camera and sound equipment, but it can be as simple as an iPhone on tripods to get the job done! The cost for this production will vary depending on how complicated you want your set-up to be. If you want to go the Hollywood route and rent expensive equipment, you’ll spend a lot more.

Type Two: Live Stream

Live streams can be as simple or complicated as you want them to be, but they’re usually done in one location with just two people on camera-one of which is behind the scenes controlling the video chat. The cost for this video would be much less than that of an interview, and you could even have someone edit it later if needed.

Type Three: Full-Length Video

Full-length videos are the most expensive and typically require a large team of people. You’ll need to hire actors, writers, directors, producers – the whole shebang! This type is usually done in one location or in several locations as well. Production crews will have all their equipment with them, and it can take weeks to film and edit.

The Cost of Video Production

There is no universal answer to this question, as the cost of video production varies dramatically. The type of video being produced will determine how much it costs; a corporate interview, for example, would be cheaper than shooting an action scene from your favorite blockbuster movie because there are fewer people involved in the shoot. There are also hidden costs associated with video production, and these are not always included in the quote you receive from your producer. For example, if a location is needed for filming or an actor needs to be hired, this cost won’t necessarily show up on their initial estimate! 

It may seem like a good idea at first, but you should be aware of the costs involved with this profession. Production can be expensive, and it is absolutely necessary that you know what to expect before you make any commitments!

What are the potential factors of video production costs?

– The type of video being produced: the more people and equipment involved in the shoot, the higher production costs will be.

– Length of video: videos that run longer have a larger price tag as well because they take up more time to film.

-What hidden fees should you expect when hiring a producer?

– The cost of hiring the equipment required for video production.

– Location fees: filming at a public location may be cheaper, but renting out an office or studio space will end up costing more in the long run.

– Actor’s fee: when actors are needed, and they’re not part of your team already, you’ll need to negotiate a fee with them before the shoot.

– Additional hours: some producers charge by the hour, and if you need extra time for filming it will cost more money.

It’s important to be prepared for these costs when budgeting your video production project so that there are no surprises! You may find yourself saving a lot of money in the long run.

Tips on how to Save Money on Video Production

-Shop around for a video production company that meets your needs and will charge you the best rates.

-Research different locations before going into an agreement with someone. Check out their contract, it may include things like location fees or actor’s fee without this information being listed in the quote!

-Interview your actors ahead of time to make sure they’re the right fit for your video.

-If you want a custom script, hire a writer rather than doing it yourself or paying an actor to write one. It will be more expensive, but worth it in the long run!

-Make sure that everyone knows what their role will be before filming! It’s better to know that someone has a limit on the number of hours they can work ahead of time, than halfway through your project.

-Remember that video production doesn’t have to be expensive; there are cheaper alternatives out there!

It’s easy to get swept up in the idea of spending more money on video production, but you need to determine what your marketing goals are and how much time/money you can afford to spend. We hope this post gave you a better understanding of the costs involved with shooting an entire film or just a short clip for social media, as well as some ideas about how that investment could be leveraged for greater results.

 

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