“How much do explainer videos cost?” “What’s the average price of whiteboard animation?” “Is web video production expensive?” – and the follow up; “Is it worth it?”
Now that people know videos are crazy effective marketing tools, the frequently-asked question of the season is not, “will it work?,” but rather, “can I afford it?” There’s no doubt left when it comes to using video. As long as your marketing strategy is sound and your video solid, you’ll get leads and conversions.
But how much is it going to cost you, and how long do you have to wait until you break even?
The question of cost is pretty tricky. There can be no definitive answer, and even averages are often spaced too far apart, with a really generous margin of estimation.
Every video production company will name a different price, and their price depends on a lot of independent variables. Hopefully, understanding what goes in actual web video production can give you a rough idea of what to expect.
There are undoubtedly a lot of different factors to take into account when costing a video, but they can all be chunked down and categorized into time, talent, and tools. These three T’s determine a huge percentage of the finished product’s price.
This covers the people who will be working on the web video; actors, scriptwriter, directors, producers, videographers and cameramen, video editors, special effects or animations experts, and so on. In some instances, you may get people to handle two tasks at once (for instance, most videographers/cameramen are also able to handle basic to moderate-level editing) depending on the scope of the project. However, it’s not uncommon for video production companies to have teams dedicated to one specific task.
Talent is directly proportion to the overall cost. The more people you have working on your project, the more you’ll end up paying. The cost per talent is also dependent on the quality they bring to your video production. Professionals will definitely charge more for experience and knowledge compared to fresh names and/or amateurs on the scene.
This includes time spent on pre-production, production, and post-production. Everything from script writing to location scouting to shooting to final rendering falls under time. Ideally, the more time your team spends on the video, the better the final product.
However, bear in mind that some professional talents charge per-hour. Other professionals base their price on the time they’ll be spending on web video production. All these factors – time, quality, price – are directly proportional. Ergo, you’ll get a better product if you get your team to put more time in, but you’ll also pay more.
Tools are better measured by quality instead of quantity. For instance, your team could use three iPhones to shoot a video from three different angles. Alternatively, they could use one high-end, top-grade camera equipped with different lenses and adjustable motion rigs. The latter would definitely cost more to rent or buy compared to three smartphones your team might have on-hand.
You’ll pay more for more sophisticated equipment, and we’re not just talking cameras. Lighting kits, motion rigs, green screens, and boom mics are just some additional tools that could tally up in the overall cost. Depending on what you want out of your video, the price may or may not be worth it.
When it comes to web video production, tools are also heavily dependent on talent. The most expensive editing program commercially available won’t do your video any favors if the one using it has never worked with it before.