Concept: Video of individual and group panel keynotes presenting financial learning materials
Licensing: Collateral and Publicity use of all content captured in perpetuity
Director/Photographer: Corporate and portraiture photo/video specialist
Client: Mid-sized non-profit national financial services institution
I recently helped a videographer build an estimate for a financial services client who needed video segments of educational materials being presented by individuals and a group panel. The videos were for use on their online learning platform and they wanted them to mimic the style of the popular Masterclass learning platform. While the director was familiar with quoting on projects for this type of client, he reached out to us because this project was a bit more complex than the ones he had quoted in the past. In this scenario, they would create various scripted video segments of talent presenting the learning materials. The project required multi-camera setups, and it would be shot over two days in a studio space in the mid-western city where the client is headquartered. The client would handle the creative coordination, providing talent, scripting, and most of the production design (set and props). Also, the overall concept and material for the shoot was a relatively straightforward talking head video capture, albeit with a few unknowns that needed to be resolved.
Given that the deliverables were long-format videos that would be shown on the client’s website and social media channels as educational content (and they weren’t going to be used for advertising), we described that usage as, “Collateral and Publicity use.” The licensing would include perpetual use, but the audience for these materials would be somewhat limited and the client is primarily a charitable foundation. I felt that $18,0000 was appropriate for the creative/licensing fees and included additional director fees for two pre-production days, a day for scouting and pre-lighting the studio, and two modest travel day fees. The director wouldn’t need to fly but was making a lengthy drive to the location.
Since there was a need to capture multiple angles during the presentations, we anticipated bringing on two camera operators/Directors of Photography (DPs) to ensure there was proper coverage. We budgeted for both of them to attend the scout/pre-light day on set. Also, we added expenses to utilize two gaffer/grips, a DIT, an audio technician, and three production assistant days (one for prep, and two for the shoot days). We budgeted for a locally hired crew.
I included a healthy equipment budget to account for camera equipment, lighting, and grip, noting that this number was TBD pending final creative and logistical decisions by the client. We also budgeted kit fees for the DIT and audio technician. A substantial budget for media storage was also needed, anticipating large file sizes for the footage to be captured over the two shoot days.
While we were notified that there was a strong likelihood of the studio set being provided by the client, we decided to include a budget for studio or sound stage rental should it be needed. We estimated a full rental day to prep and light the location in addition to the two days of filming.
The client would handle the wardrobe and styling for the talent, but we were asked to estimate for a hair and makeup artist to be on-set for touch-ups during the shoot days. We anticipated needing to work with a prop stylist for set decoration and any props for the presentations even though the creative direction was still a bit vague. I decided to plan for one prep/shopping day, one day for set decoration, two days on set, and one day for wrap and returns.
The crew was to be hired locally and there wouldn’t be any need for airfare as the director would be driving in. So I included a basic budget for the director’s hotel stays.
I calculated an expense for the director’s insurance to be carried for the production and included additional expenses for mileage/parking/tolls with some additional padding for miscellaneous or unforeseen production expenses.
This was another area that was somewhat vague at the time of the estimate build. While we did anticipate needing an appropriate budget for file management, sorting, and delivery of the video content, it was unclear how much of the editing the client would handle and how much we would be responsible for. We anticipated basic color grading, sound mixing, and standard editing needed to complete the segments. However, I also noted this as a TBD until there was more clarity on the client’s end. In hindsight, it’s likely something that should have been quoted separately by a video post-production house that is more specialized and accustomed to the budgets needed for these specifics.
The director was awarded the project, and shortly after approval, I worked with them to review and revise the contract and statement of work as more details became available.