Understanding Video Production Costs and Maximizing Your Budget
Imagine running a video production company is like making a delicious sandwich. To make the sandwich, you need three main ingredients: the bread (labor), the fillings (gear rental), and the sauce (editing). Now, the cost of making this sandwich depends on these ingredients.
Labor is like the bread; it's the work people do to create the video. They charge for their time in two ways: half-day (4 hours) and full-day (8 hours). Half-day labor costs about $500. Gear rental is the yummy fillings in the sandwich, like lettuce and cheese. This is the equipment we use to make the video. We rent gear for a minimum of three days, and it costs between $550 and $850 for one camera and support gear. Lastly, the sauce (editing) is what gives the sandwich its unique flavor. Editing costs $125 per hour.
Now, to get the most out of your money, think of it like making many sandwiches in one day. If you plan well and use the same bread and fillings to make different sandwiches, you can save money. So, if a client films content for multiple videos in one day, they can make the most of labor and gear rental costs. It's like getting more delicious sandwiches for the price of one!
Comparing Different Filming Scenarios
Let's compare the costs of different filming scenarios: one day of filming (1 video), three days of filming (9.33 videos), and nine days of filming (30 videos).
One Day of Filming (1 Video)
Half-day labor (4 hours) - $500
Gear rental (3 days) - $574
Editing - $600 per video (original rate)
Total cost for one sandwich (video): $1,674
Three Days of Filming (9.33 Videos)
Labor (3 full days) - 3 days x $1,000 = $3,000
Gear rental (3 days) - $574
Editing (9.33 videos) - 9.33 x $600 per video (original rate) = $5,598
Total cost for 9.33 sandwiches (videos): $9,172
Cost per sandwich (video) in this case: $9,172 ÷ 9.33 = $983.16
Nine Days of Filming (30 Videos)
Labor (9 full days) - 9 days x $1,000 = $9,000
Gear rental (10 days) - $920 (discounted rate for 10 consecutive days)
Editing (30 videos) - 30 x $400 per video (discounted rate) = $12,000
Total cost for 30 sandwiches (videos): $21,920
Cost per sandwich (video) in this case: $21,920 ÷ 30 = $730.67
As you can see, the cost per sandwich (video) decreases as you make more sandwiches (videos) at once. By filming content for multiple videos in one day and utilizing discounts on gear rental and editing rates, you can save on labor, gear rental, and editing costs. In this case, making 30 sandwiches (videos) with nine days of filming is more cost-effective than making just one or 9.33 videos over three days. Your friends (clients) will be happier, and you'll get the most out of your budget!