Many individuals and businesses, particularly small ones, prioritize cost-effectiveness when it comes to video production. This is often reflected in their event budgets, where video production and media relations typically receive a smaller allocation of funds.
Why? Because of the misconception that video production is easy which stems from the belief that most production tasks can be completed quickly, often within hours or days.
But is this really true? Consider a scenario where a client engages our services for video production. Their project involves creating a documentary. This will require on-location filming of various subjects to effectively convey the intended narrative.
Prior to commencing video production, producers or production companies must develop and submit a budget outlining the anticipated costs.
Here is how the budget is arrived at.
Preproduction
Preproduction marks the beginning of the video production journey. In close collaboration with the client, the team meticulously plans every aspect of the video shoot, guided by the client’s project brief. The time dedicated to this crucial planning phase is included in the client’s invoice.
Preproduction for a project may include the following activities;
Recce /Reconnaissance Location Visit
Before embarking on any filming project, conducting a location visit is crucial. This on-site assessment allows filmmakers to gain a comprehensive understanding of the environment. Such knowledge is essential for selecting the appropriate equipment.
For instance, underwater marine videos necessitate the use of water-resistant cameras. By carefully considering the specific demands of the location, filmmakers can ensure they have the necessary tools to capture high-quality footage effectively.
Funding for this initiative must be allocated and should be borne by the client. Following the reconnaissance visit, the transport and logistics team will be able to determine various factors, including hotel accommodation costs.
Moreover, you’ll be better equipped to plan your itinerary based on the local weather conditions.
Storyboarding And Subject Contact
During preproduction, the team will develop a project storyboard and identify all individuals who will be featured in the video. This proactive step allows for timely contact and preparation of all participants prior to the actual day of filming.
A key portion of the video production budget is allocated to fairly compensating the team. This includes those who work on the storyboard and draft script, as well as those who reach out to the subjects featured in the video.
Administration
Administrative tasks encompass a wide range of responsibilities within an office, including but not limited to: managing quotes, maintaining accurate records through filing, processing payments, and overseeing financial accounts.
These duties are typically shared among the office staff, contributing to the overall administration and successful execution of projects. Recognizing the crucial role of administration, every budget allocation includes a dedicated line item for administrative expenses.
Production
The production budget is allocated to various crew members and includes funds for transportation and logistics. These include;
Transport and logistics
Transport and logistics costs encompass expenses incurred for transportation and associated services throughout the production process.
These include costs for hiring vehicles, fuel, accommodation for the production crew, meals for the team, and any other logistical expenses necessary for the smooth operation of the production.
Production Crew
The production crew comprises a videographer, photographer, writer, sound recordist, and the producer. Each crew member receives a daily stipend (per diem). Importantly, the compensation rate for each individual may fluctuate based on the specific tasks and requirements of the project.
Contingencies
It’s essential to allocate funds for unforeseen circumstances during travel and filming. Unexpected events can arise, such as equipment malfunctions, travel delays, or unforeseen medical needs, which can significantly impact progress and require immediate attention.
Contingency funds are specifically allocated to address unforeseen circumstances.
Postproduction
Post-production involves a multifaceted process, encompassing a range of crucial steps. These include meticulous script editing, professional voiceover recording, skillful video editing and sound design, captivating animation, and dynamic motion graphics, among others.
Each of these post-production tasks typically requires a dedicated individual to perform them effectively. Since most post-production work is billed on an hourly basis, employing a separate person for each task significantly increases the overall production cost.
This is a key factor contributing to the high cost of production in many creative projects.
Conclusion
Beyond the direct production costs, several other expenses often go unaccounted for, such as the time invested in revisions and the time spent waiting for client payments. It can be beneficial to occasionally offer discounts that encompass some of these hidden costs.
Video production is a multifaceted field that necessitates a robust team to consistently deliver high-quality services. Assembling a strong team requires significant investment, but a well-compensated team consistently exceeds expectations.
This is the ultimate objective: cultivate a high-performing team capable of delivering exceptional results on schedule.
And that is it from me here. I hope you have found this article helpful. Let me know your thoughts in the comments section below.
Up until next time, bye bye and take care.
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