Video Production Book - Fast Track to Video Production

PRODUCING VIDEOS -

VIDEO PRODUCTION BUDGETS

"How much will your video project cost?"  That's the very first question that most corporate video clients ask. For the video producer, this is a very difficult question to answer without proper consultation to get specific information needed to help you with getting started.

Production Budgets

In order to work up a production budget, you need to know more about you client's project:

• What is the purpose of the video?
• Who is the target audience?
• How much money have you budgeted for the video project?
• When does the video need to be finished?

If you thought corporate videos were just for the Fortune 500, you'll be surprised by just how affordable they really are today! A very uncomplicated, simple video production could cost the same as a printed 4-color brochure.

Video is a creative medium, and there will always be a variety of ways to produce a successful program. For example, a highly polished program, with a celebrity presenter, animated 3D graphics, exotic locations and distribution of thousands of copies could well run into hundreds of thousands of dollars.

That's why it is essential for you to set the budget - or at least a rough guide as to what you would like to invest in the production. That way we can build the video proposal around your expectations and advise on how best to achieve your objective - including duplicating, packaging, and distribution.

An industry rule of thumb estimates $1,000 to $1,500 per finished minute of video for a quality corporate presentation. However, the actual cost always depends on what you want to see on the screen during those minutes.

FOUR BUDGETS OF ACTUAL VIDEO PRODUCTIONS

Perhaps, the best way to answer your question about how much it costs, is to show samples of various productions, so you get an idea of what mix of production service elements a given budget buys. You can consider these four examples when deciding what type of video production is right for your company and budget.  

1)   A three‑minute marketing video for a hospital, which is used to market and sell occupational health services to businesses in a regional market. It took three weeks to produce, and was filmed in one location, using real hospital employees. TOTAL BUDGET: $5,000.  

2)   A 14‑minute morale booster for a Fortune 500 company, which will be shown to all employees. It includes name actors, a great deal of aerial photography, and specially designed and built sets. Filmed in several locations, it took nine months to produce. TOTAL BUDGET: $375,000.  

3)   A 14‑minute corporate image video for an emerging high‑tech company, whose audience is material design engineers. It was filmed using real people in several nearby locations. It also included space footage from NASA and assembly line footage from Chrysler. The video took three months to complete. TOTAL BUDGET: $25,000.  

4)   A three‑part video totaling 90‑minutes for a legal publisher. The subject is a lecture conducted by a famous attorney on brief writing and oral argument. It is being sold to attorneys and to law schools for $500. The video series took two months to produce. TOTAL BUDGET: $11,000.  

All four videos succeeded in reaching their goals. All but one video included script, narration, titles, and editing. The exception was the legal series where the lecture was the script. All four productions are broadcast quality which means that they meet FCC requirements for broadcast television.

PRODUCER TIPS FOR ANALYZING VIDEO BUDGETS

When reviewing a budget for your video production, remember the following:  

• A well produced video should serve your company for at least five years.
   

• Some of the most effective business video productions are surprisingly short. Shorter videos are generally clear, concise, and to the point, and don't risk audience boredom. While the length of the video doesn't always determine its cost, many shorter programs will be less expensive than longer ones.
    

• The value of your video is more often determined by the care and attention of the producer than by how much you spend.