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The entire process involved in creating a video is known as video production. This is everything from the pre-production phase where the video idea is formed, scripts are written, cast is selected, and just about everything needed to make a good video is arranged and organized, to the production and postproduction phases where filming is done and the video is refined for release.
Video production companies allow businesses with no idea of the video production process to create films, short or long, that can be used for marketing and other business-related ventures. A lot goes into the production of a single video, effectively making it a profitable business for those involved. If you are seriously considering getting a video for your business, you may have noticed that there are so many video production companies.
According to IBISWorld, there are about 6,100 video production companies in the US alone. These companies generate about $31 billion in combined revenue. Similarly, the video post-production category currently has about 2,500 companies cited in the US. Globally, this industry has over 57,000 identified companies and an estimated revenue of $87 billion.
Why, you might have wondered, does this industry have so many companies? It would be fair to point out that the bulk of video production companies in the IBISWorld report are small companies. Indeed, of the total revenue in the US industry, 96% is generated by the top 7 companies. This says a lot about the recent influx of companies into the video production industry.
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If you have decided to incorporate video production into your content marketing strategy, you can be certain you are not alone. Research has identified videos as a major player in business marketing in the years to come. To put it clearly, it is estimated that videos will account for about 80% of all web traffic by 2019.
Consider some incredible numbers driving the video production industry:
Videos have an ability to resonate much better with the visual nature of man. This makes it effective for content marketing. With all of these numbers being brandished and with the much larger role video production and marketing is set to play in the society in the near future, it is no surprise that there are more video production companies than ever.
As a business owner, you must become used to watching videos, online or offline. Many of these might be related to a business or product you are considering. If you’ve never created a video for your company – commercial, explainer or otherwise, your interest in one might have peaked with the videos you’ve watched. Now you know how important videos are in a content marketing strategy, you might be wondering how to go about creating one. Can you do it yourself? Do you have to seek out a video production company; if so how can you select one that’s good for you?
DIY Production versus High-End Video Production Company
Pros and cons of DIY production
The truth is you can either create a video yourself (DIY) or you can’t. Getting the necessary equipment to DIY your company video can be fun and well within budget – you can always use an iPhone or a DSLR camera to shoot the video. You can also use available online templates to create your video. If you are under a tight budget, DIY may be a great idea if you can find your way around. Because it is your business, you know everything about it and don’t have to bother about teaching another, making the production process faster. Your passion for your business gives you an edge over any hired hands, in the production process.
Despite its obvious benefits, producing a video is not easy. From scripting, to casting, to the actual shoot, all the way to editing can be very time consuming (some estimate up to 40 hours of production) and would require some expertise as you get more involved. You can always make videos using online templates but these can be very limiting and somewhat unprofessional. Sadly, getting all of the equipment required to shoot a quality video can become very expensive.
Pros and cons of hiring a video production company
A video production company is specialized in this field with all of the requisite equipment to give your video a professional feel. They know what they are doing and know just where to look to get what is needed (casting, etc.). Hiring one allows you to focus on running your business with the guarantee that the end product will be of great quality – great audio, lighting, framing and editing. It would also be foolish to underestimate the “outside” view of your business that a production company brings, producing the video from the customer’s lens.
Obviously, hiring a video production company or even a video director isn’t cheap. They may not also see your business as you see it if communication fails to paint a very good picture. A busy production company can force you into adjusting your production schedule to enjoy their quality service.
If you’ve decided to go pro and hire a high-end production company, you can fall into the trap of hiring the wrong company (amateurs or a poor business fit). To avoid this pitfall, here are 5 tips to keep in mind: