StoryTeller Team
Comparing Video Production Companies (& Impacts on Project Pricing)
Editor's Note: This blog was updated for accuracy and relevance in July 2024. How many people does it take to produce a video? This is a great...
This blog was updated for relevance and accuracy on December 26, 2024.
In the world of video production, one of the most common questions we hear is "How much does it cost to make a video?" While budget is certainly important, the more crucial question is how to choose a video production partner that aligns with your goals and delivers real value. Drawing from our years of experience, here's your guide to making the right choice.
Know What ‘Affordable’ Means to You
Affordability looks different for every company. It hinges on many factors, starting with your needs, budget, and business objectives. A movie like Star Wars: The Force Awakens costs north of $175 million, while many popular videos on YouTube cost almost nothing to produce but still amass millions of views. While you're likely aiming for something in between, it’s important to understand that budgets vary widely in video production, and defining yours will help narrow down your search.
The good news is that there’s a production team for every budget. Whether you’re working with a modest amount or have room for more elaborate ideas, there’s a crew that can help you achieve your goal. Keep in mind, however, that the final product may reflect the resources invested, and every production company operates with its own approach and style. That’s why it’s important to do your research before committing to a partner.
How Do Production Companies Estimate Pricing?
Once you have a budget in mind, it’s important to understand how video companies estimate costs. Most companies charge a set hourly rate, but all production processes look different. Regardless of your project’s size, it will require a certain number of hours to complete. Adding more elements—like multiple locations, additional interviews, graphics, or special effects—will naturally add time and cost.
The estimate for your video should follow this simple formula:
(Company's hourly rate) x (Total number of hours it will take to complete your project) = Total Estimate
An accurate estimate starts with clarity. Your production company should understand the key elements you want to include in your video. Every phase—pre-production (planning), production (shooting), and post-production (editing)—contributes to the total number of hours spent on your project. The cost is ultimately a reflection of this time investment.
Don’t Be Fooled by Fancy Equipment
When keeping affordability in mind, be cautious of production companies that emphasize their gear above all else. High-end equipment can certainly enhance video quality, but it doesn’t guarantee a compelling story. The most impactful videos are built on strong storytelling, regardless of the cameras and tools used. Look for teams that excel at narrative-driven content and can make even less glamorous topics engaging.
Review Their Work and Ask Lots of Questions
As you narrow down your options, take time to watch examples of a company’s work. Go beyond flashy demo reels and watch full videos to see how they handle storytelling from start to finish. Look at their YouTube channel, explore how they use video on their own website, and seek out examples from industries similar to yours. Once you feel confident, reach out to the company with thoughtful questions about their experience, turnaround time, and process for staying within budget.
We have a whole list of video production questions that you should ask before your next shoot, but here are a few to help you get started:
- How often do you work with companies with _______ budget?
- What examples do you have from companies/industries like ours?
- What's your current turnaround time on projects?
- How will you work with us to make sure that we stay on budget?
- What happens if we go over the allotted number of hours?
- Do you have a list of referrals that I can speak to?
Talk to References
Speaking to references is another critical step. Companies will often direct you to their happiest clients, especially if they don’t have online reviews, but these conversations still offer valuable insights. Ask references about their experience with the project timeline, budget accuracy, and the revision process. Did the final cost match the initial estimate, or were there unexpected charges along the way? A clear, upfront process is often a good sign of a reliable partner.
Here are some examples of good questions to ask referrals:
- How detailed was their statement of work before they started?
- Did they come in on budget? If not, how did they communicate the overages?
- How did they handle the revision process?
- Were you billed incrementally above and beyond the original statement of work? Or were the revisions part of the original cost?
Think About ROI, Not Just the Price Tag
Finally, consider how you'll measure return on investment. Affordability isn’t just about cost; it’s about value. A video that directly contributes to your business goals and drives measurable results can be worth every penny. Even a $20,000 video can feel affordable if it generates $100,000 in revenue.
The Bottom Line
At the end of the day, choosing the right video production partner isn’t just about finding the lowest price. It’s about finding a team that understands your vision, respects your budget, and delivers a product that moves the needle for your business. When those pieces align, the investment always feels worth it.
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