Today, there has been tremendous increase in visual content. Video is at the forefront of every marketing plan – especially for complicated products and services. Explainer videos are short, engaging, online videos that explain and promote a company, product, or service. Why invest in an explainer video? According to HubSpot , 90% of information transmitted to the brain is visual, and visuals are processed 60,000 times faster in the brain than text.
How much does an Explainer Video Production Cost?
The most important question we might be wondering is “how much does an explainer video cost?”
Probably we assume it doesn’t cost much, but looking at the current market, it might be the other way round. The amount charged depends on a wide variety of factors, including quality of work, customization and detail, experience level, and how busy or “in demand” the producer is. Not forgetting explainer videos, digital marketing and cost of videos is contingent on the time and resources required to produce your content.
Now let’s look at Australia, the hourly rate for professional video production ranges between 50 and 200 dollars per hour. These rates refer to the production of customer testimonial videos, animated explainer videos, company introduction videos, how-to videos and educational videos. Some production companies may offer you a fixed project price to produce your video content. Let’s see the reason why production company charges more than the other. End of the day we need to evaluate the cost and the budget we have to produce an explainer video.
Strong presence in the market
You may have noticed that one company that’s mentioned often, probably by word of mouth or even Google. You pay what you get for !!!. You’re paying for reliability and a proven track record. That being said, emerging production companies can offer great value-for-money prices and deliver marvelous results as they’re driven to establish themselves in the marketplace. Try scanning through the portfolio. You may have a clearer picture on their quality of work as well as companies that have hired them before.
Writing the Script
You may have an idea or maybe a script prepared, what if you don’t? The production company is doing most the script work, coming up with the creative concept, structuring the script and writing the copy. You will be charged based on the script that was prepared and that will affect the total video production cost. If a company has their own script, that will help to reduce the cost. In this case, the production company would consult on the script. Some production companies even offer script consultation as a complimentary service.
Academy award actors or just normal ones
You may not want to get assistance from a popular actor because it may cost you a bomb. The cost of actors typically depends on their popularity and experience. A well-known TV personality will charge significantly more than a regular actor. However, not all videos require actors. You can also use your own employees if you’re trying to cut cost.
Duration of filming and editing
You may not want to rush when it comes to video production. Rushing the deadline for the video crew might compromise the quality of your video.
The time it takes to conduct the filming, the people involved and the equipment used would also contribute to filming costs. Television commercials require a significantly larger crew. Standard equipment (HD camera, sound recording and lighting) is usually included in the hourly rates. There will be additional costs for high end equipment’s such as drone footage, crane shots or RED camera to lift the production value of your video. Like with filming, editing is usually billed in Half Day (0-4 hours) or Full Day (4-8 hours) blocks. Editing costs are dependent upon the length of the video and the number of shots that need to be edited together. So the more complicated your video, the longer it will take and the larger the cost. Therefore, be sure to budget your video production cost according to the complexity of your video.
Motion graphics and animation
Videos which comprise of filmed footage (such as a customer testimonial video) require basic motion graphics like an opening board, titles and a call-to-action. Motion Graphics refers to computer animation of primarily graphical elements rather than characters. These videos range from simple shapes to elaborate productions involving hundreds of visual elements rendered in 3D. This is arguably the most flexible genre since animators can literally do just about anything, but be careful if budget is an issue as these productions come at a premium.
Music and voice over
You pay a one-off fee to indefinitely use a track of music in your video and it’s usually cost-effective. Obtaining the rights to use popular music is significantly more expensive and not worth the time and hassle if the video is destined for internal or online distribution. Voice-over requires the contracting of a voice-over artist, a recording studio and a sound recorder.
It’s worth keeping in mind that well-produced video is a multi-channel asset that can also be used in your offline channels like trade shows, prospect meetings and much more. When you take into consideration the impact that video can have on viewer engagement and a conversion, the investment is well worth it. Is it essential to analyse and decide the cost option in producing an explainer video for long term benefit.
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