Video production cost… It’s a rip off right?
So, I’ve worked in many different communications and marketing teams over the years as a full time employee. In these roles you often hear colleagues complain their freelance contractor charges an arm and a leg for a simple piece of work.
It’s true some suppliers may charge above their worth, the majority charge the fee they do for a good reason…
Contractors are flexible, you get them when you need them and when you don’t generally need to give them a second thought. In contrast to an employee, a contractor doesn’t require sick pay, paid holidays or complain they didn’t get that promotion.
Furthermore, an external contractor doesn’t get maternity leave, use your health insurance policy or get contributions into a pension plan from your company.
This is straightforward, the production company isn’t popping the entire project fee into their holiday slush fund. So, we subtract the expenses and then the tax man needs to take a cut. Such is life.
To edit your snazzy Instagram advert or animated instructional video you need software. At a minimum they need a subscription to Adobe Creative Cloud, Usually they will use Vimeo, WeTransfer, Microsoft Office etc each come with a monthly/yearly fee.
stock imagery/video sites subscription sites such as Shutterstock and StoryBlocks
Insuring potentially 30k+ worth of equipment, plus a policy protecting against a drone landing on someone’s head and insuring against joe public tripping over a tripod can add up.
Education and Experience
If you have 10 years of experience doing your job you’d expect to be paid a higher salary. The same goes for your contractor. Hopefully, an experienced professional will have already come across some of the challenges you’ll face with your project.
So, how did you come across your supplier? Maybe it was work of mouth, or possibly an Instagram advert in your feed. Supplier directories, social media adverts and pay-per-click Google search ads can be effective at gaining clients but come at a cost.
Workload and job security
Global pandemics, January lulls, economic shocks can all affect workload for contractors. Consequently, without accounting for this in their fees they can be left short on fixed expenses. Planning with a fixed monthly salary can be much more straightforward.
Video production cost conclusion…
For these reasons, video production costs what it does. Furthermore, that’s without considering website development, hosting, theme plugins and subscriptions, email hosting, and production consumables… plus I’m sure there are things I’m forgetting.
Finally, your selected production supplier will be giving you a realistic price, factoring in all the above points.