The Video Budget Breakdown: 5 Forgotten Costs

Budgeting. Everyone’s favorite topic, am I right?

Why are we talking about it? Because if you don’t nerd out in the video space like we do, budgeting for video projects or understanding a project quote can garner a “Huh?”

So, we figured we’d break down some of the more abstract costs for you. While every brand and every project is different, many of these costs apply across the board, regardless of whether it’s a small single-day employer brand video or a weeklong branded content shoot in multiple locations.

Pre-Production:

Project Coordinators or Line Producers: If not being handled internally, don’t be surprised to see a line item on a budget labeled "project coordinator" or "line producer.” This is actually a good thing, because these individuals keep specific track of every line item to ensure costs are not going over their allotted budgets.

Administrative + Insurance Fees: Video production companies, albeit creatives, have business costs as well, and in the case of insurance, someone has to pay for general liability and damages to very expensive equipment, and this is the fee to help offset those costs. Traditionally, it ranges from 10-20% of the entire budget.

Production:

“Local” Travel Costs: Even if shoots are considered "local" or "in portal,” most video productions require the rental of either a large van or small box truck. However, in the case that much of the equipment is being rented from a rental house, the truck or van might be included in the costs, but there will be fees associated with the equipment itself.

Post-Production:

Licensing Fees: It's easy to fall in love with a particular track or piece of stock footage, but the cost of licensing this content can significantly impact your budget. Whether it's music, video, or images, remember to do your research as these fees can vary wildly depending on the creative’s needs.

*Bonus Tip:* For additional stock assets, there may be additional costs associated with the time it takes for a post-production team to source these. A good rule of thumb is to account for one day of an editor’s or producer’s time to search and acquire all the necessary stock assets. This amount of time covers most projects.

Number of Revisions: It isn’t uncommon to overlook how many revisions a project is originally scoped for. To ensure you do not go over and suffer an overage fee, include every piece of feedback you have for every round.

So, for everyone out there either budgeting for their video content or reviewing a project quote, hopefully this helps breakdown some of the creative and technical efforts that go into bringing a brand’s story to life in the most compelling way possible!

Ready to make some great brand stories? Hit us up!