Elements of Film Budgeting
Budgeting is a very important part in filmmaking. Film producers often receive a rough estimate on the budget that will be needed during scriptwriting and an exact amount on the budget will be determined during pre-production. Afterwards, the movie budget will be documented to secure the film expenses. Honestly, film budgeting alone is a hard thing to do aside from making the actual movie.
Film budgeting is usually divided into four sections and these are the following:
• Above the line (Creative talents)
• Below the line (Production expenses)
• Post-production (Special visual effects and editing)
• Insurance
Film budgeting elements:
Making a film that is based on a novel, play, video game or a remake or sequel can be costly because there is a need to pay for the rights to make the movie.
A good screenwriter can get paid $1 to $2 million just to write a few drafts of scripts and an additional $1 million bonus. Once the script is finished, script editors may receive $100,000 to $200,000 per week for revising the final draft. Some film companies offer the best screenwriters at least 2% of the total profit.
Producers play an important role in film budgeting. Film producers receive good pay. Often times a top movie producer earns a seven-figure pay with bonuses. Also, most film producers get a 40% share of the total profits.
A movie director can receive a pay of $15,000 per week for at least ten weeks of work. For A-list movie directors, they may receive $8 to $10 million. But usually, the director receives at least 7% of the total film budget.
A-list actors can get at least $20 to $30 million with additional $3 million in bonuses and a 20% of the gross profits. Sometimes actors and actresses accept a small fee in exchange for a profitable share of the total profits just like Bruce Willis who made a total amount of $100 million for the Sixth Sense.
Production is also a very difficult part in film budgeting. Costs include the set, outfits, film location, transportation and hotels. The most expensive productions often get the most competitive and talented crew. Typically, the shooting costs amount to $50 million for 100 days of shoot.
Visual effects are also included in film budgeting. Getting hundreds of employees in charge of special effects can be very expensive especially with the use of Computer Generated Imagery (CGI) in post production. The Transformers cost more than $100 million in Computer Generated Imagery (CGI).
The last thing included in film budgeting is the music. The best music composer can ask for a fee not less than $1 million or an original song from famous artists can cost $1 million per song. The right to use songs from artists like The Beatles can cost as much as $300,000. Also, artists most of the time would like to see what the movie is all about to get their approval. Some artists are willing to receive a minimal fee for a good publicity.
