Budgeting For Video in 2023


It’s that time of year, again. Leaves are falling, the temperatures are dropping, and turkeys are getting nervous. It’s budget season, and you should be nervous too, if you haven’t planned for video in your marketing, HR, or safety/training budgets for next year.

As we approach 2023:

  • Video continues to be used by an overwhelming majority of businesses, with 86% of businesses using video as a marketing tool. (wyzowl)
  • 94% of marketers say video has helped them increase the viewer’s understanding of their product or service. (wyzowl)
  • Job postings with videos are viewed 12% more than postings without videos and have a 34% greater application rate. (CareerBuilder)
  • Recruitment agencies are reporting 800% more engagement with job ads that have video embedded. (firefish)

With the budget season upon us, we’re fielding many questions from executives and businesses who want to add video to their marketing, recruiting, and HR strategies. What will it take, and what will it cost?

Video production is truly a multidisciplinary task, brought together by a team of creatives with diverse skills and experiences. Many factors will affect your video production costs. How large is the crew? Are people going to be interviewed? Is it an on-location shoot or in a studio? Do you want live-action or animated video? All of this should be considered when putting together a plan for your videos. The type of videos you want and how you choose to produce them will affect your video budget.

Video concept creation usually goes one of two ways: the budget drives the video concept, or the video concept drives the budget.

Setting the budget before the video concept creation begins, can limit the overall creative treatment of the video: a limited number of actors (if any), fewer days to shoot, a smaller crew, and the need for a voiceover. This can ultimately affect the quality of the finished product, from storytelling to lighting to wardrobe/makeup.

Pairing the right budget with the best message execution is key to creating a great video that resonates with your audience. To create a video that delivers the communication goal, you must know how the video will be used (marketing, recruiting, safety, broadcast, website), identify the audience you want to see it (customers, employees, candidates), and what you want the viewer to feel or do after they’ve seen it.

As clients look into creating more video content, one of the biggest questions is budget. At SpotOn Productions, our average video costs about $8,000; in line with national data from Wyzowl that the average cost of producing a 60-second explainer video is $7,972.

Ultimately, you should budget anywhere from $5,000 to $50,000 for your video needs. It depends on the story you’re trying to tell, what you’re looking to create, and the number of videos you want to produce. The key is getting the most for your money. 

At SpotOn Productions, we’re here to guide you every step of the way, from the planning as you set your video budget(s) for 2023 to helping you get great value from whatever budget you or your company have already determined. Regardless of the project and budget you have in mind, the important thing is that when you partner on video projects with SpotOn Productions, you’re in good hands. Our team can bring your vision to life, just the way you imagined, showing the world your best. 

And hey, we’re very capable and ready for any six-figure productions you want to produce! Bring it on! With SpotOn Production, you’ll get excellence with every size of video project.

At the end of the day, the SpotOn Productions team is all about creating videos that deliver your message and engage your audience. Give us a call. We’ll meet with you and help you plan out your video strategy for 2023, or maybe even chat about that idea you’d love to see come to life!

Call us to see how video can help you show the world your best. 
or sales@spoton.productions

SpotOn Productions –  People. Passion. Process. Video.

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