You’re all set to make your first corporate video, but there’s one element you need to finish before? Come up with a budget. So, where do you begin? It’s not always simple to come up with a video production budget, especially if this is your first time making a video, and there are several aspects to consider. We’ve put up a guide on everything you need to know about creating a budget.
Factors that Influence the Budget of Your Video
How do you create a realistic budget if you don’t know how much certain items cost?
Video expenditures are influenced by a variety of elements, therefore it’s crucial to have a comprehensive understanding of them. When making your budget, take into account the following factors that determine video production expenses.
The pricing will be affected by the innovative method. This includes, among other things, how much attention to detail you employ, the technical complexity of the project, the quality of the equipment, and the expertise of the production team.
The video genre is likely the most obvious thing to consider when it comes to video production costs. Your final budget will be heavily influenced by the style of video you wish to make. Your budget will be impacted whether you’re doing a one-minute instructional video, a five-minute live-action ad with professional actors, or a short testimonial film with some of your clientele.
Duration of Videos
When all else is equal, the length of your video will affect the pricing. That isn’t to say that lengthier videos are always more expensive. A five-minute video, on the other hand, will normally cost more than a two-minute film in the same style. While a lengthier video is normally more expensive, the difference may not be as significant as you believe. A little longer film may not add much to the final cost if your video production company has already assembled the crew and equipment.
This is another expense to consider if you need to employ actors. Most corporate videos, however, do not use this approach because you are more likely to use your own personnel and consumers. They may not be professional performers, but they will appear more authentic.
Another thing to think about is pre-production. This may entail writing a script, obtaining filming permissions in certain places, arranging to film, scouting a site, and other tasks. All of these things may eat up time and money. While it’s difficult to place a price tag on pre-production, it’s something you should think about.
Editing, grading, colouring, titles, motion graphics, and other post-production tasks take a lot of time and effort. Although each talent is frequently delegated to a different specialist, your production team may possess all of the necessary abilities in-house.
Make a budget for video production
When deciding on a budget for your corporate video, keep these factors in mind. There is no predetermined budget for each category, but reading over them might give you an idea of the many factors to consider when putting together a budget.
Costs of Corporate Videos on Average
Here are some examples of typical rates we charge for various sorts of videos for our clients. These are merely examples of average video production costs; the cost will always be influenced by the video’s specifics:
- 1-minute animated video using 2D animation: RM8,900
- 1-minute animated video using 40 seconds of 2D animation & 20 seconds of 3D Animation: RM12,500
- Corporate Video with 1 day live shoot: RM12,000
- Corporate Video with 1 day live shoot + 1-day drone: RM16,500
- Interview Videos with 4 interviewees edited into 4 different videos: RM22,000
Should You Hire a Freelancer or an Agency?
When it comes to professional video production prices, you have the option of hiring freelancers or hiring a video production organization. You may need to engage numerous freelancers since freelancers often specialise in one aspect, such as camerawork, sound, or editing. For example, your videos may require the services of a freelance video editor, freelance video animator, and freelance video production specialist.
It could be worth it if you’re filming a simple video and only require a cameraman or an editor. However, for more sophisticated videos, an agency is typically preferable. They will supply a comprehensive film crew and production staff to handle all aspects of video production, allowing you to engage a wide range of expertise without having to pay them individually. This may prove to be more cost-effective as well as more handy.
Choose Quality Always
Finally, don’t be tempted to save money by paying for a low-quality video. In the long term, it might be far more expensive. Investing in a low-cost, low-quality video might undermine your brand’s image and reputation. If you’re trying to figure out how to produce a low-budget video, that’s OK, but don’t just go with the cheapest option. Producing fewer, higher-quality videos and cutting your budget in this way is a superior option. A single high-quality video can have a significant impact, but a large number of low-cost videos will be less successful overall.