Essential Guide to Video Production Costs in 2024

Essential Guide to Video Production Costs in 2024
"Video allows us to tell the great stories of our customers, rather than our own." - Bo Dietrick.

This guide is an indispensable tool for CEOs, founders and marketing managers who are preparing to integrate video content into their digital marketing strategies for the year 2024. Whether you’re mapping out an entire year of video content or embarking on your first venture into video marketing for your startup, our insights are tailored to guide you on this journey.

With this guide, you’ll gain a clear understanding of market prices and the insights necessary for effective budget planning. Let’s embark on this journey together to ensure that your video content not only resonates with your audience but also aligns perfectly with your financial plans.

Objectives of This Comprehensive Guide

Our goal is to equip you with essential knowledge about the video production process and introduce you to a range of video types that can significantly enhance your company’s marketing approach.

Objectives of This Comprehensive Guide

This guide is more than just a list of steps and styles; it’s a comprehensive roadmap to understanding how each element in video production can be customized to amplify your brand’s message. We’re here to guide you through this landscape, ensuring that you have a solid grasp of how to leverage video content for maximum marketing impact.

Exploring the Video Production Journey

The video production journey is segmented into three pivotal stages:

Pre-Production: This stage is all about laying the groundwork. It involves brainstorming sessions, scriptwriting, storyboarding, casting, and location scouting. It’s where your video’s concept is born and fleshed out. Think of it as the blueprint stage, where every detail from the narrative arc to the visual style is planned.

Exploring the Video Production Journey

Production: Here’s where the action happens. This stage is marked by the actual filming of the video. It encompasses setting up shooting locations, camera work, directing, and capturing the raw footage. It’s a dance of coordination where the planned elements from pre-production come to life.

Post-Production: The final stage is where the raw footage is transformed into a polished final product. It includes editing, color correction, sound mixing, and adding any special effects or animations. This stage is crucial in shaping the final narrative and aesthetic of the video.

Let’s break down popular video types for 2024:

Live Action: These are real-world videos involving actors and settings. They are perfect for storytelling and building an emotional connection with the audience.

corporate video shoot office

Corporate Video: Used for internal or external corporate messaging, they are a great tool for branding and corporate communications.

2D Animated Videos: These involve characters and scenarios drawn in a two-dimensional space, ideal for explainer videos or educational content.

3D Animated Videos: Offering a more dynamic and realistic feel, these videos are suitable for high-end product demonstrations or immersive experiences.

Motion Graphics: This style combines graphic design with animation, often used in advertising or to explain complex concepts.

Motion design scene eyes

Interview Based Videos: Centered around interviews, these videos are great for testimonials or expert discussions.

Mixed Media Videos: Combining various types of video formats, they offer creative and engaging storytelling possibilities.

Mixed media video example

Immersive Videos (3D): Mainly used in architectural visualizations, they provide a lifelike experience of space and design.

Interactive Videos: These videos offer viewer interaction, making them engaging and memorable.

Overview of Video Production Cost Estimates in 2024

Here’s a concise overview of the estimated costs for each type of video in 2024. We have included prices that range from average to high-end quality work. Lower quality options have not been considered, as they can potentially harm a brand’s image and should generally be avoided by business owners:

Live Action:
Ranges from $5000 to $50,000+ per minute. It can go above $100k based on actors, locations and production scale.

Corporate Video:
Typically costs between $5000 and $20,000, depending on length and production quality. The common mediums used are typically a combination of stock footage and typography animation.

2D Animated Videos:
Can cost between $4000 and $25,000 per minute, influenced by the complexity of animations, character designs and whether it is frame-by-frame animation or not.

3D Animated Videos:
More expensive, ranging from $12,000 to $80,000+ per minute, due to the intricate modeling and animation required.

Motion Graphics:
Prices range from $5000 to $15,000 per minute, depending on the complexity of the graphics.

Interview Based Videos:
Can vary widely, generally costing between $6000 to $15,000 per video.

Mixed Media Videos:
Due to their varied nature, costs can range from $5000 to $25,000+.

Immersive Videos (3D):
High-end productions can cost upwards of $30,000, depending on the level of detail and realism.

Interactive Videos:
Generally, start at $8000 and can go much higher based on the level of interactivity and production quality.

Optimum Length of the Video

The length of your video plays a crucial role in both engagement and production costs. For explainer videos, the sweet spot is typically between 60 to 90 seconds. This duration is long enough to convey the key message but concise enough to maintain viewer interest. Longer videos, like detailed corporate documentaries or extended product demos, can be more costly due to the increased amount of filming, editing, and post-production work. However, the narrative and purpose of your video should ultimately guide its length. A well-told story or a compelling message is paramount, regardless of the video’s duration.

Cost Drivers in Video Production

Ready to make your mark with a video project? Whether it’s a corporate film, a 3D architectural masterpiece, or an interactive video, knowing what drives the budget is like having a secret superpower.

Cost Drivers in Video Production visualized

It’s not just about numbers. It’s about understanding how choices, from the duration to the dazzle of your graphics, can shape your costs.

Let’s take this journey together and unravel the secrets behind video production costs, so you will know what to expect in your production invoice.

1) Live-Action Videos

Live-action videos involve real-world filming and can range from simple interviews to complex cinematic productions.

live action shoot scene example

Duration: Longer videos require more filming days, which means higher costs for crew, equipment, and locations.

Number of Actors: More actors mean higher casting costs, including fees, travel, and accommodations.

Location Fees: Exotic or multiple locations increase costs due to rental fees, permits, and transportation.

Equipment Costs: High-end cameras, lighting, and sound equipment can significantly affect the budget.

Post-Production Complexities: Special effects, color grading, and advanced sound design can add to the post-production costs.

Additional Costs: Scriptwriting, storyboard development, and any stock media (like music or footage) also contribute to the overall cost.

2) 2D Animated Videos

2D animation involves creating movement in a two-dimensional space and is often used for explainer videos, advertisements, or educational content.

Animation Type: Basic motion graphics are less expensive than complex character animations.

Intricacy of Animation Work: Detailed animations with custom designs and movements require more time and skill, increasing costs.

Sound Effects and Music: Custom soundtracks and effects tailored to the animation add to the expense.

Scriptwriting and Storyboard Development: These foundational elements are crucial and can vary in cost depending on complexity.

Licensing Fees: For any stock assets used, such as music tracks or sound effects.

3) 3D Animated Videos

3D animation creates moving images in a three-dimensional digital environment, ideal for product demos, high-end explainer videos, or entertainment content.

Modeling and Animation Complexity: Creating and animating 3D models is a time-intensive process that requires specialized skills.

Rendering Time: 3D rendering can be resource-intensive, contributing to higher production costs.

Special Effects: Advanced effects like lighting, textures, and particle systems increase complexity and cost.

Voiceover and Audio Production: Professional voiceovers and custom sound design are often necessary for a polished final product.

Additional Pre-Production Work: Includes concept art, character design, and detailed storyboarding.

4) Motion Graphics

Motion graphics are a form of animation that uses graphic design elements in motion commonly used for explainer videos, advertisements, or title sequences.

Design Complexity: The complexity of graphic designs and how they move can significantly impact costs.

Duration: Longer motion graphics sequences require more design and animation work.

Customization: Unique and custom graphics are more expensive than using pre-made templates.

Sound and Music: Custom soundtracks and effects to match the motion graphics.

Production Time: Time spent on design and animation directly affects the cost.

5) Interview-Based Videos

These videos feature interviews and are often used for testimonials, documentaries or corporate profiles.

Number of Interviewees: More people to interview can mean more filming time and possibly multiple locations.

Location and Set-Up: Costs for filming locations and setting up for interviews.

Equipment and Crew: Camera, lighting, and sound equipment, along with a skilled crew.

Editing: Editing interview footage can be time-consuming, especially if multiple interviews are involved.

Additional Elements: B-roll footage, stock images, or background music to complement the interviews.

6) Immersive Videos (3D)

Credit: Josh Gonsalves

Nowadays, immersive videos are used for architectural presentations of condos and commercial developments. This technology allows developers to offer an incredibly realistic and interactive experience. Instead of relying on traditional methods like brochures or drawings, developers now can present a vivid, digital walkthrough of their projects.

3D Modeling: The complexity of modeling architectural structures and environments.

Interactivity Elements: Additional costs for interactive features like virtual tours.

Rendering Quality: Higher-quality renders for a more realistic look increase production time and cost.

Post-Production: Includes lighting effects, texture application, and final editing.

7) Interactive Videos

Interactive videos allow viewer participation and often used in educational content, marketing or pure storytelling.

Development of Interactive Elements: The complexity and number of interactive features.

User Experience Design: Designing an intuitive and engaging user interface.

Software and Programming: Costs for software and programming are necessary for interactivity. There are plenty of online applications available that require a subscription (or one-off payment) for you to compile an interactive video using your video content.

Testing and Optimization: Ensuring smooth functionality across different devices and platforms.

Selecting An Awesome Video Production Team

When selecting a video production team, it’s about finding a group that not only has the technical knowledge but also understands and connects with your project’s vision. You should look for the following qualities:

Experience and Industry Recognition

Look for a team that not only has years of experience in video production field but also holds a solid reputation within the industry. This can be reflected in their awards and features in notable publications.

A flat 2D animation showing beautiful face

The number of years they’ve been in business can be a strong indicator of their expertise and reliability.

Portfolio Quality and Client Testimonials

Assess their portfolio for diversity, creativity, and quality. A varied portfolio shows their capability to handle different styles and challenges.

Alongside, client testimonials provide valuable insights into their working style, professionalism, and ability to deliver on expectations. Bear in mind that there are bad apples who publish fake positive reviews.

Communication, Collaboration, and Cost Transparency

Choose a team that values open communication and collaboration. They should be responsive, transparent about costs, and enthusiastic about working on your project.

A clear understanding of the budget and cost breakdown is crucial for a smooth collaboration.

By considering these key aspects, you can select a video production team that aligns well with your project’s requirements and your creative vision.

Nice 3d animation with 2D shader

Searching for the right video production team?

Check out Kasra Design©. We’ve got you covered for all your video needs, be it live-action, 2D or 3D explainer videos, corporate commercials or anything in-between. Our services cater to a diverse range of styles and budget options. Just send us your brief and we’ll be ready to bring your vision to life. Start by visiting for more details.

Alex Safavinia

CEO & Creative Director at Explainer Videoly Pte. Ltd.
He is responsible for the art directions as well as overseeing the progress and development of each production to make sure all projects are delivered flawlessly.