5 Factors That Drive Video Production Cost
“So, how much does video production cost?”
It’s a simple question with a not-so-simple answer: “It depends.”
Video production is a highly customizable process that leads to highly customizable results. In our experience, every video is unique, requiring a tailor-made approach to navigate a specific set of challenges and ultimately accomplish a specific goal. There’s nothing cookie-cutter about it. Sure, our process remains the same, but several key factors within that process change depending on the particulars of a given project. Here are 5 key factors that, in our experience, most commonly drive video production cost:
01. Video quality
02. Crew size
03. Talent
04. Location(s)
05. Deliverables and versions
01. Video quality
To make an impactful and memorable video, it's crucial to ensure that the quality is high and the content valuable. According to Wyzowl, video has become “a key part of the online customer journey,” increasing brand awareness and driving purchasing decisions. 96% of consumers reported a preference to learn about brands and products through video, and 89% of consumers reported that watching a video convinced them to buy a product or service. High-quality videos can improve landing page performance by up to 80%, according to Insivia. These videos can also age well and provide long-term value to your company. On the other hand, a study by Brightcove has also revealed that poor-quality videos create negative impressions in 60% of consumers, making them reluctant to engage with the brand again.
Quality is clearly important, but what do we actually mean by “quality,” and how does it drive cost? Well, quality can refer to the quality of the creatives. Is the team concepting and producing your video experienced and professional? Like senior members in any industry, the time of these creatives will cost more. It can also refer to the technical quality of the video – the caliber of camera equipment, hardware, and software used to create your video. Does your video have a high resolution with crystal-clear sound and snazzy, custom motion graphics? The tools used to produce such a video are more expensive, as is the expertise of the video creative using them.
Our advice? Make smart investments and prioritize professional services and gear. While it's important to avoid overspending on video productions, don't compromise on quality either. A well-made video is an investment that pays off in the long run and has a higher conversion rate.
02. Crew size
Most projects require us to capture original footage. While a single director/DP can accomplish quite a bit by themselves, additional crew members are hired depending on the complexity of the shoot. (In some cases, additional crew members can decrease the amount of total shoot days required, while fewer crew members can lead to longer shoot schedules.) The most common crew members you’ll find on a Haunted Basement shoot include:
Producer
Additional camera operators
Drone operator
Production assistant
Gaffer
Grip
Sound technician
Hair and makeup stylist
Production designer
Wardrobe stylist
Set dresser
03. Talent
Some productions require casting for onscreen talent. The casting process can be time-consuming and, depending on the experience of the actor(s), expensive. The same goes for voiceover artists. Some people think they can skirt around casting by relying on employees, friends, or family members, but trust us: acting is an art best left to skilled professionals.
04. Location(s)
Some video productions require the crew to travel to a particular shoot location. Depending on the location, your video production partner may outsource a portion of the shoot to local freelancers to reduce travel costs. Regardless, the producer/director will typically travel to the actual shoot location to supervise the shoot. Be aware that scouting for the right location often takes time and sometimes requires the purchase of a permit (or rental fee when shooting in a studio).
05. Deliverables and versions
When asking for several versions of a single deliverable (e.g. a 5 second, 15 second, and 30 second social cutdown of a 90 second brand video), be prepared to pay additional fees. Versioning out deliverables takes additional time to prepare, edit, export, upload, and review. For more information, check out our blog post on deliverables and versions here.
We’ll leave you with this: Avoid the temptation to cut corners by opting for a cheaper video. The repercussions could be severe and it may end up costing you more in the long run. A subpar video can be detrimental to your brand image and lead to a negative impact on your reputation.
Keeping costs low is an understandable objective, but don't compromise on quality just to save some cash. A more effective approach would be to budget for fewer, higher quality videos. A single impactful video can do wonders for your online presence (whereas multiple cheap videos may not yield the desired results.)
Investing in a reputable video production service provider with professional equipment, ample resources, and extensive experience is a wise move that can not only save you time and stress but also boost your bottom line in the long run. A captivating video that effectively communicates your message and enhances brand recognition is a valuable asset that is well worth the cost.
If you have a video project in mind, contact Haunted Basement at hello@hauntedbasement.video, or use this nifty form. We look forward to working with you.
