Performing Arts Skills

Budgeting A Film

Whether you’re working on a small indie production or a larger feature film, this simple guide will help you. This guide includes steps, formulas, examples, and tools to create a comprehensive budget.

1. Key Components of a Film Budget

A film budget is typically divided into major categories:

Pre-Production (10–20% of budget)

Scriptwriting and revisions.
Casting and auditions.
Location scouting and permits.
Pre-visualization (storyboards, shot lists).

Production (50–60% of budget)

Salaries for cast and crew.
Equipment rentals (cameras, lights, sound gear).
Set design, props, and costumes.
Catering and transportation.

Post-Production (20–30% of budget)

Video editing.
Sound design and mixing.
Visual effects (VFX).
Music composition or licensing.

Marketing & Distribution (10–20% of budget)

Social media campaigns, trailers, and posters.
Film festival submission fees.
PR and influencer collaborations.
Distribution fees for theatrical, streaming, or DVD releases.

2. Example Budget Allocation

Let’s say your film budget is $500,000. Here’s how you might allocate it:

| Category | Percentage | Cost |
|--------------------------|----------------|------------------|
| Pre-Production | 15% | $75,000 |
| Production | 55% | $275,000 |
| Post-Production | 20% | $100,000 |
| Marketing & Distribution | 10% | $50,000 |

3. Steps to Create a Film Budget

Step 1: Break Down the Script

Why?

The script dictates your locations, cast size, props, costumes, and special effects.

How?

Create a Script Breakdown Sheet:
Highlight important elements: locations, characters, props, stunts, and special effects.
Example: A café scene requires 1 location, 3 main actors, 2 extras, and coffee props.
Estimate Time Per Scene:
Average a filming speed of 2–5 minutes of footage per day for most productions.

Step 2: Estimate Salaries

1. Cast Salaries

Lead Actors: Typically 20–30% of the budget for high-profile projects.
Extras: Paid per day (e.g., $50–$150/day).

2. Crew Salaries

| Role | Rate (Example) |
|---------------------|--------------------------|
| Director | $1,000–$10,000/week |
| Cinematographer | $500–$2,500/day |
| Sound Technician | $300–$800/day |
| Production Assistants| $150–$250/day |

Example for a 20-Day Shoot:

Crew of 10 at an average rate of $500/day:
[
{Crew Salary Total} = 10 * 500 * 20 = \$100,000
]

Step 3: Calculate Equipment Costs

Equipment Rentals

| Item | Rental Cost (Daily) | Example Duration (20 Days) |
|---------------------|-------------------------|---------------------------------|
| Camera (RED/ARRI) | $1,500/day | $30,000 |
| Lenses | $500/day | $10,000 |
| Lighting Equipment | $1,000/day | $20,000 |

Step 4: Account for Production Costs

Locations

Permit Fees: $500–$5,000/day depending on the location.
Example:
A 10-day shoot in a café with a $1,000/day permit = $10,000.

Props, Costumes, and Set Design

Basic props and costumes: $5,000–$15,000.
Elaborate sets: $50,000+.

Catering

$20–$50/person per day.
Example: 20 crew members for 20 days at $30/day:
[
20 * 20 * 30 = \$12,000
]

Step 5: Plan for Post-Production

Editing: $10,000–$50,000 depending on complexity.
Sound Design and Mixing: $5,000–$20,000.
Visual Effects (VFX): Varies widely (e.g., $1,000 per shot for CGI-heavy films).
Music:
Original score: $5,000–$50,000.
Licensing popular songs: $10,000+ per track.

Step 6: Allocate for Contingencies

Always set aside 10–15% of your budget for unexpected expenses.

Example:
- $500,000 budget Contingency Fund: $50,000.

4. Film Budget Example

Let’s budget for a $200,000 indie film:

| Category | Details | Cost |
|--------------------------|--------------------------------------------|------------------|
| Pre-Production | Scriptwriting, casting, permits | $30,000 |
| Production | Salaries, locations, equipment rentals | $110,000 |
| Post-Production | Editing, sound, VFX | $40,000 |
| Marketing | Social media, trailers, festivals | $15,000 |
| Contingency | 10% reserve for unexpected costs | $20,000 |
| Total | | $200,000 |

5. Key Formulas for Film Budgeting

1. Daily Shooting Cost

[
{Daily Cost} = \frac{{Production Budget}} / {{Number of Shooting Days}}
]

Example:
- Production Budget: $100,000.
- Shooting Days: 20.
[
{Daily Cost} = \frac{100,000}{20} = \$5,000
]

2. Per Minute Cost of Film

[
{Cost Per Minute} = \frac{{Total Budget}} / {{Runtime in Minutes}}
]

Example:
- Budget: $200,000.
- Runtime: 90 minutes.
[
{Cost Per Minute} = \frac{200,000}{90} \approx \$2,222 ]

6. Tools for Film Budgeting

Movie Magic Budgeting: Industry-standard software for detailed budgets.
StudioBinder: All-in-one pre-production platform.
Excel or Google Sheets: For small-to-medium budget films.

7. Specific Scenarios in Film Budgeting

Scenario 1: Low-Budget Indie Film ($50,000)

Cast: Non-union actors, local talent = $10,000.
Crew: Skeleton crew of 5 = $15,000.
Equipment: Rent DSLRs and minimal lighting = $5,000.
Post-Production: Basic editing and music = $10,000.
Miscellaneous: Locations, props, and catering = $10,000.

Scenario 2: Mid-Budget Film ($1 Million)

Cast: 2 stars and supporting actors = $300,000.
Crew: 20 professionals = $250,000.
Equipment: High-end cameras and lenses = $100,000.
Locations and Sets: 3 major locations = $150,000.
Post-Production: Editing, sound, VFX = $150,000.