Speaking of what things cost, my Bay Area writer friend, John Joss, pointed me to this article on SF Gate by Chronicle columnist Jon Carroll. Note the cost of one NYT story was $400K. The editing cost of that one story was $70K. All the costs are outlined in the article. Also, read Jon’s conclusions as to the worth/merit of the story!
Photography Director Rob Haggart, over at his industry must-read blog “A Photo Editor,” posted two actual estimates for recent advertising shoots (click on the Full Screen button to view). To me, they appeared fair and right in the sweet spot of what all parties can comfortably manage. I shared them with one veteran corporate/advertising photographer and she agreed that these look like nice jobs!
I’ve produced big shoots for documentary books with million dollar photography budgets. Since I started working in photography publishing in 1988, I’ve seen prices go up and down and all around based on the “economy” but all along the way, it’s been mostly about the value of what you deliver in the end. Most clients will accept a reasonable bid (or near to) when you have solid explanations that accompany your estimate outlining specifically what they will receive for the price or why certain costs they might not have anticipated are really needed. Budgeting is both a big task and an art. Pulling numbers out of the clouds rarely works. There needs to be a formula behind all figures, including creative fees and how they relate to the rights granted.
Sharing budgets and pricing in a public forum as Rob has provided—not all the time, but every once in a while—I think helps photographers become more confident about their own estimating process. It’s great information and thanks to Rob and his network for sharing them with us.