I hear that question a lot. Unfortunately, there are a number of elements that affect the price of a video. No, that’s not a dodge, it’s the truth. What would you say if someone asked you this question:
How much does an airplane cost?
In thinking about the variables in play to answer this question, you begin to get the idea there are a lot of things to consider! I know my way around aircraft and there are easily thousands of questions, like are we talking about fixed wing or rotary wing (helicopter)? So let’s dump the airplane example and get back to video. Let’s start by posing a few questions that should be addressed before we answer “that other question.”
- Rate. Often described as hourly, half-day and day rate. Many videographers don’t price by the hour and some only price on a full day-rate basis. Hourly averages range between $25 an hour from that film school grad you know to $250 an hour for a top-flight video veteran. My hourly average hits right about the center: around a hundred bucks an hour. Which lends me to…
- Equipment. Sure you could whip out your smartphone and shoot away, but is that really the look you’re going for? If so, stop reading! Otherwise, continue. There are $20,000 cameras out there (don’t forget lenses!), $2,000 microphones, and lights that weigh as much as a Volkswagen, but is that really necessary? Is there a line item charge in the project budget for equipment? I have professional level gear that you may not see Spielberg using, but it will produce corporate video that will resonate with your audience and you won’t need stockholder approval to shoot! Oh, and my rate includes the aforementioned pro-level gear! Cameras, mics, lights, sliders, tripods, gimbals…oh my! Only if I have to create a specific effect might extra equipment fees enter the equation. I don’t have a drone, though I have access to one through an industry colleague, and this is considered specialized equipment.
- Personnel. I started my business as a single person crew (“SPC”) to be able to deliver quality work at an affordable rate. That doesn’t mean that there won’t be multiple cameras, mics and lights…it does mean that I know how to be efficient in the deployment of this hardware (including setup and take down) by myself. And in those instances where it just makes sense to have a grip, 2nd camera op or sound person along, I have a rolodex full of these folks that can be called in. Also in the category of personnel: talent. Does the project require professional acting talent or will we be shooting personnel from the company being filmed?
- Time. How comprehensive is the project? Can we do it in a day? A few hours? What will be required to edit the acquired footage? When is the project due? And by the way, just because the finished deliverable is “only” 5 minutes long doesn’t mean that hours, and sometimes days of production didn’t go into what is ultimately seen on screen.
- Post-production. Because this is a future article all by itself, I’ll be brief here. Post-production includes the components that help make the video “pop.” Editing, music selection, titles, graphics, animations, voice-overs, special effects. A word of caution here: less is often more.
So there you have just a few of the key elements of a video. Truthfully, anyone who would just throw out a “ballpark” quote without reasonable consideration of the variables I’ve shared here is asking for trouble. I would much rather take a modest amount of time to talk about those elements so I could provide a quote that would be meaningful for all parties involved. I may miss out on a few jobs taking this approach but I’m as professional in my business methodology as I presume you are in yours. Consultations are free, and the result will be a production that achieves its desired results at a rate everyone finds acceptable.
You’re a pro Terry. The real deal when it comes to videography. Good work my friend.
Thanks, Mike! The more I know about a project, the better the opportunity to complete it on time, and on or under budget.