Video Production Company Pricing: How Much Do They Charge? 2024 prices!

Date
January 17, 2024
READ TIME
5 minutes
Video Production Company Pricing: How Much Do They Charge? 2024 prices!

Start your career as color grading editor

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Choosing the right color software

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Choosing the best computer monitor

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Creating your viewing environment

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Conclusion

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You know you need video production services, but getting an exact number as to how much production companies charge could feel like an uphill battle. You need the right product that aligns with your business needs but have no idea where to place your bets.

We get it, the world of cinematography can be bewildering; big cameras and lots of zeroes on quotes. It's a whole new type of venture.

You’ve heard numbers from £500 to £50,000. The truth is, video production costs can vary dramatically depending on the project's complexity, location and the services requested. Of course, every project like every person, is its own unique thing, and the costs associated reflect that distinctiveness.

Not to worry, this article is here to help you understand what you get for your money and how to get the result you are after. Consider it your tour guide to the world of video projects. From explainer videos and action sequences to interviews, we cover everything.

So let’s start with the things that affect the price of a video production (there’s a lot, so we’ll stick to the most significant).


Factors Affecting Video Production Costs


1. Time


When you hire a video production agency, you usually pay them more the more time they spend on the project.

Wow. Great insight I hear you say.

But lots of clients often forget that it’s not just time on set filming that counts in the scope of such a project. It’s time spent by the production team in meetings, producing ideas, scriptwriting, storyboarding, performing a recce, recording voiceover, motion graphics, animation, audio, video editing and post-production.

Striking a balance with time is the best way to achieve the most bang for your buck.

Try shooting all your interviews back to back (Netflix binge style) instead of splitting them over multiple days. Any time you can reduce the length of your shoot and its associated costs can result in significant savings.

(remember time spent traveling is a cost, so is fuel and setting up/packing down)

If possible, arrange for your shoot locations to be close together, reducing travel, fuel cost, and the length of shooting. A little foresight can save you considerable resources, and as they say, time is money.

Have all decision makers in the meetings that matter, so they do not need to be repeated - your time is a precious ingredient that doesn't need to be squandered beyond necessity.

You get the idea. Be a great client and don’t waste time on factors that don’t improve the end result.

The cost of time will vary by crew and agency size and experience.

Expect prices to start from £250 per day for an inexperienced freelancer right up to around £1000 for a 2 man team. If you need a bigger crew for your video production it will cost you £2000+ per day of shooting.

The quote for a film production can spiral pretty quickly dependent on the requirements of the project.

Do you need a specialist camera operator? Director of photography? Composer of music? What about a lighting team, producer, or a teleprompter operator? The roster you need to assemble purely depends on the type and calibre of end product you are after. It's worth noting that part of what you are buying is the  video production companies expertise in assembling such teams, and it’s their job is to ensure you receive top quality service from specialists.


2. Talent


Hiring actors, extras and voiceover artists can be the difference between a good video and a great one. Hiring these people can change the video production budget by £1000’s. Their experience influences the quality of the content produced, ensuring the animation and acting meet the expectations of your customers.

Obviously, cost will vary wildly with experience but you can expect to spend £250+ per day for an actor or voiceover artist.

We always recommend using professionals (rather than Doris from HR) when the script or storyboard warrants it. If you are going for a storytelling brand film where you need on-screen talent to show emotion, it’s best to go professional when budget allows.

Struggling with video budgets & costs? Contact us, we'd be more than happy to help you!


3. Deliverables


How many pieces of content you get from your investment can affect cost wildly. Perhaps consider if there will there be a need for different versions of the same thing for different platforms or audiences. This will also affect the cost. Plan wisely, your project deserves it!

We are all for “squeezing the lemon” on your shoot days. Video content can be a big business investment, so it’s vital to extract as much value as possible from it. But we must bear in mind that the more we ask of the filmmaker, the more the video production rates increase.

Some production companies charge per minute of finished video, whilst others will charge per hour until the work is done; others will charge a flat rate for the video project. It's crucial to trust your chosen company and their pricing methods to reach the desired result and audience effectively.

Producing more deliverables from the same shoot day(s) is a fantastic way to decrease your "cost per video." If you are clever with the shoot day, you won't add time that way, just in the editing studio.

Now this is almost impossible to put a price on, but it will be based off the agency's day rate.

However, we would recommend saving up to 20% of your budget for additional cuts, helping you achieve an ROI on the campaign that will make you grin.


4. Strategy


So, you have these videos you are incredibly proud of. The marketing team are already writing awards speeches and spending their imminent pay-rises. You know your target market will lap this up, enhancing their trust in your brand.

But when it’s posted organically, it flops. No-one sees it.

Cue the panicked call to the video production agency, and suddenly the whole project is seen as a failure.

All of this because one part of the pre-production process was skipped. The strategy behind the video.

Your distribution strategy might be social adverts, capturing attention with TV advertising, placement on a landing page, an explainer video included in an email campaign, or a digital out-of-home campaign

The options are endless, but you will be guided based upon your budget.

Once again, it’s a sliding scale from utilizing existing assets like an email list (free!) to TV advertising which runs from £10,000+

This is one of the main advantages of working with an experienced agency (such as us!) over a freelancer who will be very focused on the video but maybe not so much on utilizing the footage to its full potential.


There is an old saying. You can’t measure what you don’t track. There is a plethora of software, both paid and free that will enable you to track your campaign results. The best place to start is with the platforms that host your campaign. Often times they will have in-house tracking for your campaign that will enable you to track, measure and judge the success of the work - but please remember to always track, from the very start!


Conclusion

Now we know the main factors that affect the cost of a video, here are some pricing rates to give you an idea of what you might pay.

Please note, these are sweeping generalisations!

Freelance - £500 - £5000

Agency - £5000 - £100,000+

We have a mantra here at TG when buying camera equipment: “buy cheap, buy twice.”

Although it will sting our wallet in the short term, it’s an investment. The kit will perform to a higher level and won’t break as quickly.

The same can be true of videography.  Yes, saving £2000 on the cost of a video may feel good in the short term. But in the long-term, it might mean you end up with an inferior video that doesn’t produce a ROI.

Ultimately, listening to the guidance of a trusted video production company that will know how to get maximum bang for your buck is the best. They'll help you make a video that will leave a lasting impression on your customers - making every second and every penny count.

Make sure you take the rights steps, shop around, get a quote from multiple agencies. If you get an estimate that is too high it might just be a case that the agency wasn't a fit for your budget. Agencies and videographers talk and will be able to recommend the name of another videographer that will have a package more suited to you.

Need help coming up with your budget for your project? Contact us here!

Trendy Grandad is one the UK's Top Video Production Companies, see here at Trendy Grandad Video Productions Design Rush Profile

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