What is the Average Cost of Video Production for Business?
Businesses are quickly turning to video as their go-to marketing resource and for a very good reason — video makes up 70% of all content viewed online and that number continues to grow.
If you’re considering the addition of video production for your business marketing efforts, you’re probably wondering, “ what is the average cost of video production for business? ” and more importantly, what should I expect to spend? This is a very common question that we’re going to try to answer — but keep in mind that as with any creative project, the total cost of video production for business will vary greatly from one business to the next.
Business Video Production Rates
First, let’s take a look at the expected production rates for various professionals in the video production industry. The average cost of video production is between $1000 and $5000 nationwide. But this is not the cost of finished video per minute which tends to be somewhere between $1,000 and $10,000 in most cases but can go up to over $200,000 for advanced technology 3D animated films.
When you hire a video production crew to help you create business videos for your marketing strategy, you’re budgeting for the following:
● Director of Photography- >$250 per hour
● Script Writer – >$150 per hour
● Cameraman – >$400 per hour
● Editor – >$175 per hour
● Talent – >$500 per hour
● Equipment – up to 100s per hour
● Studio Shooting – up to $400 per hour
● Narrator – >$400 per hour
● Audio Files – up to $1000
● Video Rendering – up to $75 per hour
● B-Roll – expect to pay a percentage between 10 and 50% of your total cost
● Miscellaneous Fees – can cost very little up to 1000s extra
As you can see, there’s a lot that goes into producing a video. It’s important to determine what is necessary for your video to stay on budget. Each of these professionals specializes in their niche and will have their own rates. This is why you see the final cost of a business video running usually between $3,000 and $7,500 per finished minute for most types of videos.
Average Lengths of Business Videos
Now that you know a good average per minute rate of video production for business films, let’s take a look at some different types of business video content and what the anticipated length is so that you can better budget for your own upcoming project.
Remember, we’re going to use an average rate of $3000 to $7500 per finished minute for the purpose of this. Here’s what you can expect from various types of business video to potentially cost when you ask, “what is the average cost of video production for business?”
● 73% of videos are under 2 minutes for business. At that rate, you can expect between $7,000 and $15,000 for your finished film.
● The average length of a business video is actually 4.07 minutes. This would cost between $12,000 and about $30,000 to create.
● Social Media videos can be under 1 minute, coming in at less than $3,000 to produce.
What’s Right for My Business?
Deciding on the average cost of video production for your business is a big task. This should include a look at your competition and what they are doing as well as your budget and what you can legitimately afford. Keep in mind that video production rates will vary significantly based on the size and complexity of the project as well as based on the production crew that you hire.
Some businesses mistakenly think that it is cheaper to put together an in-house production crew that will work on all of their video content. Unfortunately, they typically find that this costs significantly more in the long-run as they invest in costly equipment and training, and ultimately find that the work is not as professional or valuable as it could have been.
Need some help figuring out what your business should expect to pay for its video production project? Give Beverly Boy Productions a call and ask us any questions related to video production, we’ll be happy to help you answer your questions.