A crucial part of video editing is knowing what your skills are worth and what you would like to charge for them. The amount you charge depends on various factors like; the amount of footage to sieve through, the project’s complexity, the expected result, and the hours, expertise, and software you need for the project.
Knowing how much to charge can be a daunting task, especially if you’re not familiar with the standard rates in the industry. Fret no more, our extensive guide will take you through the current landscape of video editing, and help you make an informed decision on what your pricing strategy should be based on the current market. We’ve put together a simple payscale chart and range depending on your expertise and experience.
Video Editing Rates in 2023: A Complete Guide
Video Editing is the process of rearranging and orchestrating video clips to create art. This process includes picking and stitching together raw footage and amplifying this visual with sound and special effects, music, and text to reach a desired result. The ambiance of the video can also be achieved by adjusting the contrast, color, and lighting.
What is the aim of Video Editing?
Video editing aims to create an engaging and clear message or story that relays the intended emotions and ideas to the audience. Video editing is a crucial step in the process of video production. Video editing is useful in many fields such as television, social media, advertisements, education, filmmaking and so much more.
Cost of Video Editing Services
The price you charge for video editing services depends on multiple factors and thus the rates you charge may vary. The expertise and experience of the editor, the client’s budget, and a lot more contribute to the cost.
As a video editor, you aim to provide competitive yet fair rates that mirror the value of your services while also satisfying the client’s needs. When coming up with your pricing strategy, you must take into account the effort and time it takes to complete the project, including the various steps of video production such as pre-production, production, and post-production stages. You also need to account for the tools and resources required like computer hardware, storage space, and software licenses. Ensure that you factor in additional services like special effects, color grading, and or audio mixing.
As an entrepreneur, it is important to be transparent and clear about your prices so that your clients can budget accordingly and know what to expect. In terms of pricing structure, editors may offer packages with multiple services, flat rates per project, or a rate per hour. Ultimately, the cost of video editing services needs to reflect the creativity and quality of work, as well as the value it contributes to the client’s project.
The provision of exemplary service and fair rates can help editors establish long-term relationships with their clients.
Types of Video Editing Projects:
As a video editor, you must familiarize yourself with multiple video editing projects. These can be either professional or personal projects Here are a few:
Corporate videos are used by organizations and businesses for external and internal communication. This includes testimonials, promotional videos, product demonstrations, and training videos.
This video type is usually in documentary or narrative form. Short films are used to convey a message or tell a story in a condensed format. They can be produced as part of a film festival, competition, or independently.
Music Videos often feature artistic shots, visual effects, and editing to convey the artist’s style and music. They typically showcase the artist or band and their musical creations. They can also be in the form of lyric videos.
Social Media Videos
Social media videos have gotten huge with TikTok, Instagram, and Facebook adopting short-form video content. These videos are designed to capture and engage viewers. They usually have bold graphics, subtitles, and jump cuts. Social media videos tend to follow online trends.
There are plenty of other video styles that we’ve covered here.
Factors that Affect the Cost of Video Editing Services
Several factors contribute to the cost of video editing services. These factors range from the complexity of a project to the location of the editor. Let’s look into the various factors that can affect cost.
A major factor in determining how much to charge is the complexity of the project. Some projects have a lot of raw footage to sift through or require intensive editing. This means you’ll be putting in a lot of time and effort and so you’ll have to charge more.
Equipment and Editing Software
Video editing is not a cheap affair. To achieve good results you need to use professional-grade equipment. Most professional equipment and software however are pretty pricey. Depending on how many of these tools you need to use as an editor. The prices of services provided could vary.
Level of Expertise
Experienced editors and professionals with excellent track records and a proven high level of skill are entitled to charge a higher price for their services. Though you can charge for your expertise it is always wise to be fair in your prices and keep yourself within a reasonable pricing scale. Confidence in your skills is always good, but overcharging can lead to work being scarce.
When the timeframe to deliver the project is tight it can lead to a higher price point. This is because editors need to put in additional hours and effort to deliver on time. While this might not seem logical to a certain client base, it is only reasonable to ask for compensation for additional hours.
Location can factor into the cost of video editing services. This might seem odd as a factor but it is based on economics. Say you’re hiring an editor to work on your project from a different city or country. Based on their location and the cost of living in that place, prices for their services could be more or less based on their residence. This factor does not depend on the quality of work, so do your research well.
Now comes the additional services factor. Additional services when it comes to video editing include color grading, visual effects, and sound design. They require a lot more skill and time. These services also require a lot of software licenses and equipment that are usually quite expensive and factor into the pricing of editing services.
Probably the most important factor that affects the cost of video editing services is the client’s budget. A client’s budget may sometimes feel restrictive but editors need to cut their prices or offer to provide alternative editing packages to their clients that still meet their needs.
In the end, the price of video editing services ought to be proportional to the worth of the editor’s effort and the quality of the finished job.
Rule of Thumb for Estimating Rates for Video Editing Projects
When calculating rates for video editing most editors follow the 3:1 rule. The 3:1 rule states that for every hour of footage it would take approximately three hours to edit for the final result. This rule of thumb can be very useful for editors to figure out how many hours a project would take and how much to charge per project. For example, if a client provides 10 hours of raw footage it would take approximately 30 hours to deliver the project.
An important fact to note though is that this time frame is just an approximation. The actual time to edit would vary depending on the complexity of the project, the editors’ skill, and other factors like location, budget, and turnaround time. It is crucial that as an editor you factor in the scope and requirements of each project before providing a quote.
Video editors typically charge by the hour, the project, or a combination of the two. Hourly rates can range from $50 to $150 per hour, while project rates can range from a few hundred dollars for small projects to thousands of dollars for larger or more complex projects. Finally, the rates charged will be determined by the editor’s skill level, experience, and market demand for their services.
5 Websites to Help You Create a Pricing Plan
If the 3:1 rule of thumb doesn’t sit well with you. There are also numerous online resources and websites that can help you make an informed decision.
Glassdoor: Glassdoor is a website that offers salary and compensation data for a variety of occupations, including video editing. It can be a useful resource for editors looking to establish a reasonable rate based on industry standards.
Upwork: Upwork is a platform for freelance video editors to find work and set their own rates. The platform also provides data on the average rates charged by other freelancers in the industry, which can help you determine a fair rate.
ProductionHUB: ProductionHUB is a website that connects video professionals with clients and offers industry resources. They provide a rate calculator tool to assist video editors in determining a fair rate according to their expertise, location, and project type.
Payscale: Payscale is another website that provides wage and compensation information for a variety of industries. It also provides a tool for video editors to calculate their rates based on their location, experience level, and other factors.
Video Collective: Video Collective is a community platform for video professionals, such as editors. They provide a rate calculator tool to assist video editors in determining a fair rate for their skills, as well as the project type.
Looking for a Software Solution?
A major factor that increases the cost of editing and also stands in the way of fully showcasing your skills is the price of software licenses and inadequate hardware. Postudio can fix both those issues. Postudio is an online on-demand post-production platform that has all the industry’s favorite post-production software like Premiere Pro, DaVinci Resolve, and more.
If your project requires special effects and audio Postudio has you covered there as well with Adobe After Effects and Audition and so much more. It is a safe and secure platform that allows you to collaborate with your team from anywhere in the world. The best part is, Postudio is extremely affordable for both teams and individuals and all you need is an internet connection and a browser.
How much should I charge for video editing per video?
The cost of video editing per video varies depending on several factors, but video editors typically charge anywhere from a few hundred dollars for a simple project to several thousand dollars for more complex or high-end projects.
How much should I charge for a 5-minute video edit?
The cost of a 5-minute video edit can vary depending on the complexity of the project and the experience level of the editor.
How much do Youtubers pay editors?
The amount Youtubers pay editors can vary widely depending on factors such as the scope of the project, the level of experience of the editor, and the budget of the Youtuber.
What is good software for video editing?
Some good software you could use to edit your videos include Premiere Pro, DaVinci Resolve, and After Effects. You can gain easy access to it for a reasonable price on Postudio.