How to Calculate the Budget For Video Production?
The first question to pop up from a client is usually “How much will it cost to shoot a video?”
There’s no easy answer to this question. A fixed-rate map would assist in planning the budget, but, unfortunately, it doesn’t exist. There are certain factors, though, that shape the final budget, which we would like to discuss in this article. Hopefully, it will make the price formation process more transparent.
To start, creating a video can’t be compared to producing finalized goods with one-off established expenses.
Each request is unique because it includes working with stringers from different locations, professional backgrounds, and the urgency of the task. The final project cost will comprise the stringer’s rate and service charge to the platform. Both these factors will vary depending on the project. However, if you’re planning to carry out more than one project a month through the platform, it’s preferable to choose one of the subscription plans. Thus you can benefit from a fixed service charge for any of your projects.
All projects start with creating an assignment with a detailed technical task.
If you plan to shoot editorial/news content, consider the work you’ve already done: finding speakers and shooting location or writing a script. After that, you have to create a final technical task depending on the type of video you require:
- Full video (synchronous shooting, production, additional services such as interviews or stand-up)
- Turnkey shooting (+ script, voiceover, post-production)
Brands need to take into account these factors:
- Video type. What video do you need? (E.g. Corporate video, Documentary Filming, Education Video Production, Explanation Videos)
- Crew. What services will you require? (E.g. Camera Operators, Sound Mixers, Drone Operators, Scriptwriters, Gaffers)
- Post-production. What editing processes have to be applied?
- Time, location, equipment.
We’d love to share some latest examples for you to have a general overview of the variation of services and, therefore, their cost. The mentioned cases were calculated taking into account the specific factors of urgency, stringers’ experience, and time of work making it a showcase rather than a price list.
Task 1: Shoot 2–3 interviews+B-rolls
Type: Project-based (no subscription fee, one-time project, variable service charge, StringersHubl production team support)
Gear: Camera (full HD), clip-on microphone, tripods
Material requested: Raw material without editing to be sent ASAP
Total cost: Stringer’s rate 170$ + 40% service charge = 238 $
Task 2: Fixer, no extra services (such as a car, accommodation assistance, etc.)
Type: Project-based (no subscription fee, one-time project, variable service charge)
Total cost: Stringer’s rate per day 200$ + 20% service charge = 240$
Task 3: Turnkey shooting (production, 5 interviews, script, b-rolls, rough cut)
Type: Subscription plan “Team” (149$ per month subscription fee, covering up to 5 tasks with a fixed service charge of 15%, 1 task covered by StringersHub production team)
Country: USA, Chicago
Total cost: Stringer’s rate per day 2150$ + 15% service charge = 2470$
At StringersHub we care most about two things: satisfying the needs and budget of the client while producing high-quality content. Sometimes two things are hard to match, though we always strive to achieve both. Check it out! Create a video production brief on the platform. Our team will come up with the fitting solution on the budget and the most fitting freelancers for your video campaign.