Surprise! Video is in demand.
If you’ve talked to a client about content, you’re probably aware that everybody wants great video these days.
Social media algorithms rank video higher than other content, and users are becoming accustomed to watching videos instead of reading articles when they have the option. About half of Facebook, Instagram and Snapchat users are watching videos on those platforms, and it’s the third highest activity aside from viewing photos and sharing content.
Clearly, video is a great way to reach consumers, especially when platforms are boosting visibility through their algorithms’ prioritization.
What goes into video costs?
As clients look into creating more video content, one of the biggest questions is budget. Video concepting usually goes one of two ways: the budget drives the video concept, or the video concept drives the budget. Below are several items that may go into video production costs, and depending on the concept and planned use of the video, drive up the dollar amount.
Account service, copywriters, art directors and videographers all put time into concepting, creative direction and planning for every video. It’s a large undertaking to dream up the perfect messaging, execution of that messaging, and coordinating all the moving pieces that go into video production.
Oftentimes, the crew is a third party contractor that is a hard cost against the video budget. Hiring a producer, sound engineer, lighting and makeup/wardrobe will undoubtedly increase the quality of your videos, but ultimately drive up cost.
Talent is one of the big ticket items in a video budget. Depending on where the video will be used (digital, broadcast, etc.) and for how long, the usage rights for each actor become more and more expensive. It helps to have someone negotiating with talent agencies to bring those costs down a bit, but the more actors you have in the video, the more it costs. It’s best to know the details of how the video will be used up front when negotiating with talent agencies because trying to expand usage rights after the fact gives agents the upper-hand.
Many videos have a voice over, which calls for voice talent, as well as renting a sound studio in which to record the voice over.
Budget first or concept first?
When the budget is set before video concepting begins, it can limit the overall concept of the video: limited number of actors, fewer days to shoot, smaller crew, need for a voiceover, etc. This can ultimately affect the quality of the finished product, from storytelling to lighting to wardrobe/makeup, etc.
Pairing the right budget with the best message execution is key to creating a great video that resonates with your consumers. You can achieve that balance by planning how the video will be used (digital, broadcast, etc.) and for how long. You can also utilize your ad agency to help you get the best quality bang for your buck by using their internal resources and leveraging their talent agency relationships to negotiate lower rates.