Statistics show that more than 60 percent of consumers develop negative opinions of companies that post mediocre videos . The moral of the story? Don’t skimp on your video production budgets.
Luckily, advancements in digital video have made video production more attainable, regardless of your budget size. But that, too, is a double-edged sword, and producing high-quality content that has true value will be absolutely essential in order to rise above all of the white noise that currently floods the Internet. Finding a production company that understands your cost restraints, in addition to your unique vision, is the key.
Due to the imaginative nature of the business, costs can vary from company to company, and are in no way one-size-fits-all. Still, not spending more than necessary is always a savvy production decision and understanding how you can get the most bang for your buck will be key. But no matter what, do not proceed with a production without establishing a video crew budget, as flying solo can nickel and dime your project into oblivion.
Keep the following components in mind when budgeting:
- Staffing and talent costs: Crew rates will vary depending on your location, your needs, and the prospects’ experience. Of course, hiring specialists will add to the budget. Expect to spend anywhere from $500 to $1000 for any one member of the crew, which could include, but is not limited to:
- Director of Photography
- Drone operator
- Editor
- Talent/Actors
Unless you are shooting a commercial for television, you may be able to get by without hiring actors. Product videos, testimonials, and similar video content benefit greatly from featuring clients and employees front and center.
- Production Equipment: From Hi-Def video camera packages to state-of-the-art sound and audio equipment, a production’s quality hinges on the tools that are used to create it. This is not an area to cut corners. In fact, most film crews you work with will settle for nothing less than excellence. Equipment can be rented project to project or can be purchased outright. Avoiding multiple vendors is typically advised, as it can run up costs. Booking directly from an established production company that has existing rental relationships and contacts is more efficient in the long run.
- Locations: Various considerations and costs are associated with securing physical space where your shoot will ultimately take place. Locations can be rented from a location manager, or directly from property owners and can include private residences and businesses, studio space, and more. Locations are typically one of the most significant – and costly – line items on video production budgets and can range from hundreds to thousands of dollars per day depending on your needs. Costs are largely impacted by the size of your crew and the footprint you leave behind. In other words, a smaller, bare-bones crew will be able to negotiate a lower rate than one with hundreds of crew members and multiple vehicles.
When scouting locations – be sure to consider any “hidden” costs, like permitting, manager fees, power usage, and more. A savvy producer should be able to pinpoint these fees before locations are secured.
- Liability/insurance costs: Accidents happen, even on the most meticulous sets, and injuries can occur, regardless of your production’s size, budget, or talent. Film and video production insurance is perhaps the most important component to factor into your budget, long before shooting ever starts.
Maslow Media Group is a full-service video production company that provides broadcasters with high-quality solutions from camera crews to equipment to beyond. Our company was founded in 1988 after realizing the need for a resource that could provide qualified production crews to Washington, D.C.’s television, cable, and multimedia outlets.
Our fully insured, award-winning crews include:
- DPs
- Audio Engineers
- Make-up Artists
- Field producers
- Gaffers & Grips
- Teleprompter Operators
- Drone operators
- And many others
Don’t squander your video production budget. MMG can help you craft a team of creative and technical talent, while providing professional gear support your creative needs, from documentaries to live events. Our solutions fit any production, regardless of the size or location. Contact us today to learn more .
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