A Dive Into Video Production Cost
Lights. Camera. Action. And money. You can’t forget about the money. Join us as we dive into the ocean of video production costs. These days, you can watch and share videos wherever you are, whether on a train or the toilet. When it comes to creating videos, however, it is not nearly that easy. At least if you want to make great ones.
It does not matter whether you sell handmade bags or shares. You cannot afford to ignore videos if you want to stay relevant. And video production is not cheap, despite the constant improvements in phone cameras. While it is not set in stone, usually, the more money you can afford to put in, the better videos you will be able to produce. The average cost for a small-scale production is Rs 40000. For a larger one, the cost could go up to Rs 1 lakh or even more.
Average Video Production Cost
Video production pricing is a spectrum. It spans from small-scale projects requiring limited resources to large-scale productions that need way more planning. Understanding this spectrum allows you, as a creator, to align your expectations with your budget constraints.
Social media content and short promotional videos fall into this category. In these cases, the video production cost may be relatively modest. These projects often involve simplified scripts, minimal crew, and straightforward editing, resulting in a more budget-friendly video production cost.
Medium To Large-Scale Productions
Corporate videos, commercials, and documentaries are considerably more intricate. Consequently, they will typically demand a more substantial investment. Most of the money will go to the experienced professionals you need to hire and the advanced equipment you need to buy or rent.
Here is a simplified cost table of the average cost of video production. It provides you with a snapshot of potential expenses in video production. We have included the average cost for small-scale productions and large-scale ones. Depending on what your project needs specifically, the actual cost will vary.
|Script Writing, Development And Story Boarding
|Above Rs 30000
|Above 1 lakh
|Talent & Crew
|Miscellaneous (Permits, Props, etc.)
Keep in mind that the figures above are broad estimates. Your cost structure will vary based on the kind of project you want to create. Take, for example, a testimonial video and a narrative commercial. As you might imagine, the latter would be considerably more expensive to produce. Always make sure that you do your research strategy and speak to multiple video production professionals before making your final budget.
Factors That Affect Video Production Price
Video projects are complex. They involve distinct phases, moving from pre-production to production to post-production. The work involved at each stage has well-defined edges as well. It is too much to ask one person to take care of everything. This is why you need a diversified team to work on different tasks.
At the pre-production stage, you need to develop your concept, write a script, and make arrangements for the actual shooting of your video. This involves things like casting actors and booking locations. Next, we have production, when you actively bring your video to life. Finally, at the post-production stage, you need to sit at the end of the pipeline, during which you can add any special effects you want and tweak your raw video content. Let us now look at the different factors that can affect your video production cost.
- Script Complexity
- Filming Location
- Talent & Crew
- Post-Production Complexity
- Use of Emerging Technology
The intricacy of a script significantly impacts the time and resources required during production. A complex narrative or detailed storyboarding can contribute to an increase in video production costs. This is, quite simply, because you will have to shell out more money for your writers and artists.
The choice of filming locations and the extent of set design required can influence costs. If you want to shoot on location – say, for example, at a high-end restaurant – it will cost you a lot more than if you were to shoot in a studio. This is because you will have to compensate the restaurant for the time during which they will not be able to serve customers.
Shooting in public places poses a different set of logistical challenges. You need to get permits from the appropriate authorities, which also takes money and time. Finally, if your set design is intricate, your cost of production will skyrocket as well.
The equipment you use eats up a significant chunk of your total video production cost. “Equipment” encompasses everything from cameras to lights to sound equipment. More expensive equipment is more likely to make your video look more professional, and this is a trade-off you have no choice but to choose between.
Talent And Crew
The caliber of talent, including actors, directors, and crew members, directly affects costs. Experienced professionals often come with higher price tags, contributing to the overall video production cost.
Editing, visual effects, and sound design in post-production can add layers of cost. The more intricate the editing requirements or the need for special effects, the higher the cost.
The Use of Emerging Technology
Improved cameras and sound equipment are just a tiny part of what technology offers us today. Now, you can even integrate AR (augmented reality) and VR (virtual reality) into your videos! Since the mediums of AR and VR are considerably different from those of simple videos, there will be the added element of product design cost. Needless to say, using such technologies will require more financial resources.
Another innovative storytelling technique that is on the rise is that of using interactive elements. This allows the user to involve themselves in the storytelling process by choosing the direction of the narrative and the fate of the characters. In addition to the story itself, creating an interactive video also involves additional UI design costs. This is because, with such a modality, you have to think not only about what the audience sees but also how they feel as they take part in the narrative.
Effective Budgeting Strategies For Video Production
You must start with a realistic budget to ensure your final product meets your expectations. While it is hard to straddle the line between quality and budget constraints, it is not impossible. Here are a few things you can do to make this happen.
Have Clear Objectives
Clearly outline the objectives and goals of your video project. This will help you figure out what resources you need and how much they cost.
Prioritize Your Needs
Figure out which elements are essential to your project. Make sure you prioritize them over other aspects. This will help you retain the core message of your video and also help you to manage costs.
Collaboration Leads To Negotiation
Collaborate and stay on good terms with your talent, crew, and equipment providers. This can make it easier for you to negotiate with them in the future. This, in turn, can help you reduce costs while maintaining quality.
Leverage In-House Resources
If you have someone in-house who has always wanted to try their hand at script writing or basic video editing or motion graphic design related works, let them have a crack at it! Someone close to the project will have a good understanding of what you need and will be able to create something that is in line with your vision. And, of course, you can save on costs parallelly.
Are You Looking For Reasonable Video Production Costs?
Well, look no further. Hogoco is here for you. We are a design studio in Bangalore that can take care of all your video production needs. We offer motion graphic design services and can assist you with the entire video production pipeline. Contact us today to transform your ideas into reality!