Video Production – Pricing In The Industry
Updated: Sep 28, 2020
If like us, you are up to date on the latest marketing trends, you will know that video is a major player in most industries right now and is set to grow even bigger. This may have left many of you wondering how to go about creating a video for your business, and importantly, how much it is going to cost. You might have heard the expression before that if a picture paints a thousand words, a video can paint a million. For this reason, producing a video costs money, and for a growing business this might seem like a daunting expense you could do without, right?
Wrong. We know the value of video, we have seen the wonders it can do to businesses, and we know that there are affordable options out there. It is incredibly common for business owners to worry about the price of goods they are buying, and in the film industry, the cost of equipment, crew, research and editing all add up. As a result, hiring someone to produce one short video can cost anywhere from £500 to £10,000. Despite this, there is a common misconception that seems to persist in the industry of commercial video production: that a higher price automatically equals a better product and a better level of service.
This isn’t true. Instead of just blindly choosing the most expensive company with the most years of experience, finding the right video production company for your specific needs is extremely important and can save you heaps of cash in the long run; not to mention the revenue it will create too! Anyone these days can pick up a camera, point it in the right direction and create something ‘insta-worthy’ , but what sets apart the best from the rest is an ability to pinpoint exactly what the client needs and create a video to achieve these goals for the lowest possible cost.
We believe that there are three levels of service you can expect when deciding on a filmmaker for your business, and below we will break down these services, their costs, and exactly what you get for your money. Knowing what you need and who can meet these expectations will make the decision of hiring a video-producer and the money involved much easier.
Usually charging somewhere between £500-£1500 for one days filming and subsequent editing, freelance videographers are the cheapest option available on the market. It is not uncommon for them to be a producer, director, cameraman and editor all-in-one and many are skilled at each of these positions. They may have somewhat modest equipment and offer a more stripped back service than you might have been expecting, but this isn’t necessarily a negative thing. For a reasonably affordable price, you’re going to achieve a solid finished product and something which will be great for small businesses with manageable ambitions for their video.
A possible downside to hiring a freelancer however, is that although they may be a jack of all trades, they might be a master of none. Despite most freelancers being extremely talented individuals, the sheer amount of workload they give themselves by going it alone inevitably means some corners are cut or certain things forgotten. They will often be under a lot of pressure from different clients and have hectic schedules which could lead to delays or struggles with communication.
Small Production Company
If you’ve got big plans for your video and a decent budget to match, then a small-to-medium sized production company could be the perfect choice for you. Averaging around £1500 for one days filming and a full edit of the video, many of these smaller companies aren’t that much more expensive than an experienced freelancer. And for that little bit extra money, you get a lot more in return. With a whole team of experts involved in your video rather than just one person, you will usually get more equipment, increased specialisation and a wide array of ideas from many different angles and perspectives. They may also be more likely to offer marketing strategies once your video is ready, and some will offer long-term discount deals which will grow your brand’s online presence month after month.
The main benefit of hiring a small production company however is the relationship you can build with them. Many companies of this size are very good at understanding their client’s deepest desires and ultimate goals. A team like this can take the time to develop an intimate understanding of your company’s brand message and tone; whereas a single freelancer might not have the time, and a big media company might not have that personal touch. In the long run this relationship will develop creative synergy which will equate to consistently amazing results that in a couple of years time will seem like unbelievable value for money.
Big Production Company
With decades of experience and a huge crew working for them, you can expect the bigger and more established production companies to charge the topmost prices. This tier of pricing usually comes in around £4000 for a single short video but can reach much higher levels depending on the type of video you want producing. Hiring a team like this is a safe bet, but only if you have the money. The equipment used is likely going to be top of the range, and the people you work with will know how to use it well. The adopted approach may be more strategically rigid which could mean you have less of a say in the process as a comparative newcomer when it comes to video production.
This lack of input and the feeling that your opinion holds less weight than theirs can be a major downside of working with a large corporation. Although they know all the tricks of the trade and can provide all the gadgets needed to get the coolest shots, a personal relationship and the opportunity to showcase your own personality through video is incredibly important, and this shouldn’t be sacrificed for anyone. If you’re happy to completely hand the reigns over to someone else, and you don’t care how much it costs, then a production company of larger stature won’t disappoint. But remember, if you want something that is going to mirror your persona and include your brands DNA, then more money doesn’t always equal better results.
At the end of the day, this choice is completely up to you and only you know what you want out of the video. All three options are going to produce a much better video than you could on your own but finding the right company or person for the job depends on a lot of factors. Our advice is to chat to potential candidates first, get an exact quote, and develop a feel for who is going to create the best product at the best price.
If you have any questions about your film production needs, get in touch with us via the contacts tab today!
*** Please note that all prices in this article are average estimates only and pricing will differ depending on individual companies.