Whenever we think of doing something new, the first thing that comes to our mind is the cost. We always want to get more facilities at a lower price. When it comes to video production, the concept remains the same; we want to get more videos at a lesser price. Isn’t it? But this strategy is not always valid.
While looking at the video’s price package, you might have the question that why do videos cost so much?
Always stick to the principle: Quality over Quantity
Let us start with a quick assumption game: Suppose two video production companies, A and B.
Company A is charging 35 thousand rupees for 1 video of 2 to 3 minutes video whereas the
Company B is offering you 10 videos at the cost of 35 thousand rupees.
Which one would you choose?
You will say, “Is it a question to be asked? Obviously, I will go with B”.
But I will say, I would go with A.
Surprised?
Need not to be, let us spill the beans off.
Every day billions of video content get uploaded on the internet. Are they all providing great content and quality? No right! Most of the video content is low in quality. However, the sheer amount of content individuals consume daily makes it more challenging to make an impression.
But you will be safe as long as your video is of high quality and have valuable content. A fascinating video may convey a lot more information than text and photos. Video is a powerful, significant medium that you should invest in whether you work for a media firm or a brand. Allocate your resources sensibly, concentrating on original material created by professionals utilizing professional equipment.
Statistics show that people prefer videos more than photographs
Consumers prefer to learn about a product through video rather than text, according to research. In addition, 84 percent of buyers were convinced to buy a product after watching a video.
You can hire a video production company or a Freelancer for your content.
As consumers prefer videos, the demand is increasing, and hence the cost of video products should decrease. Video production equipment is becoming more affordable while skilled professional video freelancers and production businesses increase. Meanwhile, more B2B customers and decision-makers are watching video material that influences their purchasing decisions. When you spend on videos, you are likely to get a return on investment for all your video production costs.
This is going to be valid until and unless you are compromising the quality of the videos. Low-quality videos can only damage your company’s name as low-quality videos or photographs usually produce a negative impact on any company. Researchers discovered that after viewing a low-quality video, 62 percent of customers have a negative image of the business, 60 percent no longer want to engage with the company, and 23 percent are hesitant to purchase. Putting out a low-quality video is worse than not putting out any video at all. A low-cost video will make your company appear low-cost.
Therefore, you should not get overwhelmed when someone offers you more videos at a lower cost. Always choose quality over quantity. Good videos can be considered an investment; as long as they are in the market, they will convert better.
Good videos convey stories.
Every video you make should tell an original story, whether it’s an animated explainer, a branded short doc, or a news item. And the graphics, characters, personalities, and voices in these stories should all be intriguing. This necessitates a more significant expense for production. However, if your film increases conversion rates, it could pay for itself in a matter of months.
Let us again take an example, suppose you are spending 35 thousand producing video content, you would expect it to survive in the market for at least four to five years. This means that your video costs would be 8 thousand to 7 thousand per annum.
However, for the next few years, the explainer will assist you in increasing conversion rates, customer engagement, and acquisition, as well as brand recognition. According to studies, having a video on your landing page can raise conversion rates by as much as 80%.
By embedding videos on your website, you can improve your Google rating and increase your chances of appearing on the first page of results.
If you’re a media or branded content publisher who wants to become serious about video, you’ll need to invest in freelancers, studio space, and equipment. Don’t go overboard with your video production budget, but don’t compromise on quality either.
Now, after so much discussion, you would again ask: “How much does a video would cost?”
The answer is: It depends. Even though video creation is more expensive than other forms of content, it is frequently the most effective. You get what you pay for in the case of video.
The quality of a video is determined by several factors, which explains the price disparities. Video on the same premise can be produced for as little as Rs. 20,000 or as much as Rs. 2 lakhs. The expense of lights, sound, camera, models, and voice-over artists are all factors.
You must create a video that is worth viewing if you want people to watch it.
The cost of video production is determined by the sort of video you require and the location, crew, equipment, talent, and quantity of pre-production, editing, sound, and post-production. Writing a video production brief is the easiest way to estimate your budget or acquire an accurate quote from a production firm. A brief description of the film you want to make, including the when, where, what, why, and how.
You can also visit or contact a few video production companies or video production houses before signing the contract with one. This will give you a clear idea about the market value for the kind of content you want. But again, do not get overwhelmed by the price; examine the quality yourself, ask them for samples and then finalize.
The benefit of hiring a good production company or a freelancer
A comprehensive video production brief can help you define the scope of your project and establish the video’s aims. It will also assist you in determining the most cost-effective method of production. You can send your brief to a few different production companies and compare costs.
Alternatively, you might estimate a budget range and post a brief on Story hunter, allowing production firms to come to you. In any case, be sure the company you hire has high-quality work samples and experience creating the type of movie you desire.
Now let us look at the breakdown of video production cost
Type of Video:
The price of video production is determined by the sort of video you want to make. A movie commercial with actors takes different production abilities than an animated film explaining your brand. You can expect to spend more money if you require a higher-quality video.
Duration of the video:
Whether you need to have a video of 1 minute or 5 minutes, the equipment and the crew more or less remain the same. So, the effect of duration on the cost of video production is not highly seen.
Pre- Production:
Pre-production works include writing script, deciding location, getting permits, and scheduling shoots take up a little time and need some budget. And if by any chance your script changes, then your budget is also likely to change.
If you have resources and content writers, you can try to complete the scriptwriting in-house; you can consult with the video production company you have signed the contract with.
There are many video production company that includes scriptwriting in their package.
Crew:
The common crew member is:
- Documentary Director of Photography or Videography (DP)
- Commercial DP
- Drone Operation
- Camera Operator
- Full-Service Video Production
- Commercial Video editor
- Motion Graphics Editor
- Sound Technician
- Gaffer
- Grip
Rates for production crews are determined by their location, market, equipment, and experience. You may have to spend extra if you require more specialized crew and equipment, such as 360° video production.
Hiring Talent:
Hiring talent, such as actors or hosts, may incur additional costs, which should be factored into your budget. You won’t need to hire talent unless you’re conducting a large commercial production for television. Try featuring your staff or customers in branded short documentaries, testimonials, and product videos that are primarily interviews and b-roll.
Equipment:
Cameras, lighting, grips, mics, and other film equipment may be required to be rented by a crew. The majority of production companies will pass these rental charges on to you directly as expenses.
Even if a videographer does not require the use of equipment, they will charge you for it. This is usually included in their day rate, and it aids in the protection of their costly equipment. It also aids in the repayment of the equipment’s initial purchase price.
You may save money by being flexible with your camera and equipment needs.
Post-Production:
Your video would run through storyline editing, colouring, and grading in the post-production, with many rounds of feedback from your firm. Because video editors typically specialize in one of these areas, you may need to engage a different editor for colouring than you would for story edits. Motion graphics, sometimes known as titles, can be considered independent video production expenditures.
Post-production accounts for a large portion of the work involved in creating a high-quality video, so plan accordingly.
Travel Expenses:
Hotel and meal expenses are also included in travel expenses, in addition to transportation charges. Hiring local production crews or freelancers who won’t have to travel is the easiest method to save these costs. Furthermore, even if you engage a non-local production business, they may end up subcontracting the work to local freelancers to save money.
Time Expense:
Because most videographers charge by the day, adding extra shooting days will increase your video production costs.
Hope now you got some idea about your budget, and on which factors you should think upon. Here is a small tip from our side.
If you and your team can handle some parts of the pre-production works, such as script writing and editing, location scouting, and some more, then you can save your money by hiring a freelancer crew. By freelancer crew, we mean few videographers, few editors, a few sound technicians, and others as per your need.
Hence, your in-house talents can help you to keep your pocket a little satisfied!