How much does it cost to produce a corporate video?
It’s a question we're often asked at Pixel3 and the answer isn’t always straightforward. There are many factors that determine the final cost of your video, including the type of content required to meet your objectives, the level of pre-production planning needed, resources involved during production, and what's required in post-production.
In this blog post, we hope to provide some insight into the following:
The process of producing video content is not dissimilar to building a home.
If you ask a builder how much it will cost to build you a house in Australia, the answer depends on many different factors. How big is it? Where is it being built? What fixtures do you need? Will it require any unique features?
You get the idea!
The first and most vital step in planning your video content is knowing what you want.
Preparing your production brief is really important, it will help you to determine what exactly you're hoping to acheive with your content, the look and feel, what key messages should be addressed, who the audience is and how will the content be used. This is your overall vision for the project.
If you have never written a video production brief, you can find a guide on how to prepare one here: How to write a clear video production brief that will save you money
Before you even begin writing we suggest getting some inspiration first. Get online and see what content is out there.
You can begin the research process yourself by searching Youtube.com for the sort of content you are looking to produce. For example, if you manage a children's toy brand, you might look at what videos your competitors are producing and check out related industries and what types of videos they’re creating. Be specific with your search terms, including the use of key phrases such as, “children's toy promotional video”, it will help you find the content you’re looking for.
We always advise clients to document the links of any videos they like, and list exactly what they like about them. This important information will be incorporated into your video production brief, so the more detail you provide, the better.
A professional video production company can help you prepare your brief, which may include developing a creative concept for you, and offering suggestions regarding the approach.
Or, if you’ve already done your research and know exactly what you want to achieve, then it’s time to start preparing your brief. This is your master plan. It’s the document that contains your vision for the project which can be shared when requesting a quote from a video production studio.
The key elements that determine the cost of producing a video include the level of pre-production planning required, the resources needed during production, and, finally, the expected post-production timeline.
Let’s break this down further. Pre-production is where all the planning takes place. How much of your video production studio’s time will you require? If it’s a simple client testimonial, then not much time will be needed. However, if you’re looking to produce a TV commercial, significantly more planning will be required. You’ll likely need a script written, a storyboard prepared, location scouting, casting for actors, etc.
If your project requires actors or voiceover artists, how many will you need, and what are their fees? If you are hiring a high-profile actor, expect to pay a premium! Additionally, will your project require specialised production crew members (such as cinematographers, directors, and stylists), and importantly, for how long will they be needed?
Other considerations include whether you require particular locations, there will likely be fees you will need to budget for and what specialised equipment will be necessary (e.g. high-end cameras, lighting, and sound gear).
Once all the footage has been captured, the final costs are incurred during post-production. What level of post-production work will be required? For example, colour grading, sound design, motion graphics, animation, or special effects.
The more elements your video requires, the higher the production costs will be. Careful planning and prioritisation can help balance the quality of your production with your allocated budget, ensuring you achieve the desired return on your investment in video content you need produced.
A common assumption from those new to video production, is that the length of their video will largely determine its cost.
It's an understandable assumption e.g. that a one-minute video will be cheaper to produce than a five-minute video, but it just isn’t true.
To put this into perspective, the most expensive TV commercial ever made was for Chanel No. 5: The Film, and it was released in 2004. Adjusted for inflation, it cost a staggering $52 million in today’s money, for just three-minutes of video content.
In comparison, we could produce a straightforward corporate or client testimonial video for under $5,000.
While the bulk of costs will come from the videography, editing and the type of video you require, you may also need to factor in the following:
While a number of revisions are usually covered in your video production quote, you may have to pay more if you require additional revisions, or decide to add graphics, or change the music, etc, almost check the agreement and know what is being included
If your corporate video project needs to be shot outside the metro area, and/or requires filming at more than one location, you might have to factor in travel, meals and accommodation for the crew, as well as transportation of equipment.
If you need extra content or require content outside the scope of your contract, you can pay to license existing, rights-managed video content for your video. Some videos will also incur royalties which must be paid each time you use the content, while using royalty-free video content means you can use it again and again without paying to use it each time.
The use of music is crucial in creating a specific mood or tone, eliciting emotion, and reinforcing messages, and it also contributes to the overall quality of your video. While some very affordable music is available on various subscription libraries, they don't always hit the mark. If you cant find anything on these libraries that align with your brand and message, you might need to commission bespoke music that is created especially for your video, but this will be costly.
You may also have to consider extra costs like makeup artists, extras, props, file storage, and equipment maintenance, if these aren’t already included in your quote.
Once you’ve factored in all of the points above, and prepared your brief, you’re ready to start requesting quotes.
As each studio will be quoting on the same requirements, you’ll be able to get a fairly good idea of the budget needed to produce your content.
It’s important to note that, just like building a house, a video production can be scaled up or down to align with your allocated budget while still meeting the project's objectives.
If your budget is X, and your expected ROI is still healthy, it makes good business sense to proceed.
The devil is in the details. The more detailed your brief, the more accurate your quote will be.
Whether you have a good idea of what you’re looking to produce, or you still need some guidance, we can help.
Email Anthony at anthony@pixel3.com.au or fill in our Quote Request Form and let’s get you the video content you need.
