The virtual reality (VR) market is growing by the minute and so is the number of questions concerning the cost of VR. Perhaps the most common question is, “How much does VR cost?”. VR production cost varies widely among companies. The major cost variables are business costs, amount of work, and value created.
VR Video Production Costs
These costs are unique to each company and can vary widely. They can depend on the region the company is located, the amount of the bills and the amount of experience they have.
For example, if the VR company is based in San Francisco they will likely charge more than one based in Phoenix, Arizona. Also, if the company you choose to shoot your VR has more overhead they will charge you more for the project.
We created this virtual reality environment to showcase Bainbridge’s upcoming Student Housing development, Campus Circle in Gainesville, FL. While the property is being built, students and parents can go to the property’s leasing center and take a tour of the housing property. This allows the potential tenants to be immersed into life at Campus Circle before it’s even completed, creating higher pre-lease rates for the property.
Amount of Work to Produce Virtual Reality
One of the most obvious cost influencers is the amount of work the project demands. A company estimates the number of days the project is expected to take and divides that by their business costs to come up with their minimum billing rate. Make sure that you realize that this is their base price and other expenses such as travel, assistants, and processing may be added on.
While most companies charge per day, some charge per node. A node is a panorama shot from a single spot. The average price range of a node is $5-$35 depending on the scale and skills of the VR producer. However, most VR companies choose not to price by the node because there are too many variables, including bad weather and shooting conditions, that could affect the reliability of this pricing technique.
View this post on InstagramEveryone is loving the new Virtual Reality equipment in the office! Come check it out when you tour!
We created a virtual tour of Campion at Lafayette, a premier Student Housing community in Lafayette, LA! Viewers can hang out by the pool, play cornhole, visit the gym, and see what the apartments will look like, all from the convenience of Campion’s leasing center!
Value Created from Virtual Reality
The price of a VR shoot also depends on how much value or usage the client is getting out of the product. See our recent VR Case Study.
Usage fees are either included in the overall rate or added at the end. So if a client is using the virtual reality imagery across all forms of media and as part of a large marketing campaign, the project will cost more
It is important to remember that a VR business will charge a client based on the needs of their business. Just because Business A quotes you at $4,500 and Business B quotes you at $3,000, does not mean Business A is trying to rip you off.
There are many variables that go into pricing VR services and since it is still very new, there is going to be more fluctuation in the pricing of those services.
For more information on virtual reality or 360-degree video, please visit us at PointInTimeStudios.com or call us at 800.208.1267, and see more of our VR work.
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We hope you found this valuable!
Sources:
Virtual Reality Photography: Creating Panoramic and Object Images
by: Scott Highton
