Voice over actors get into the industry because they truly love it; they’re excited by the challenge and crave the creative outlet.
But as much as voice over work is a creative man’s game, there’s another side of things that doesn’t get talked about as much: the business of voice over.
And more to the point, rates.
If you can imagine a tumbleweed blowing across the street accompanying that announcement, you’re not alone!
Talking about the financial aspect of creative ventures is sometimes challenging.
For many professional voice over actors, it’s a labor of love. But, those with experience will be the first to tell you that those labors of love must also provide a living.
Continuing education, industry-leading microphones, preamps and a bangin’ home voice over studio cost a very pretty penny.
Experienced pros know their worth and charge rates that allow their business to grow while keeping in balance with the demands of the market and what clients can afford.
Value for Both Client and Talent
What on earth do we mean by “fair market value” in the voice over industry?
Fair value represents the potential price or value assigned to an asset, product or service. This price or value accounts for its utility; supply and demand for the asset, product or service; and the amount of competition in the market for it.
In this case, that’s the work your voice over actor is creating, editing and mastering. It also includes their experience, continued training and all the other behind the scenes work they’ve done to become the exceptional talent you’ve come to know and love!
After both the client and the voice actor have done their due diligence and are at least reasonably educated about market rates, you can land on a price that’s fair and valuable for both parties.
Essentially, this means that neither party feels pressured.
Once both parties agree on compensation, it’s easier to move forward from talking about the nitty-gritty details and get back to making great voice over!
There’s a tremendous amount of competition in the voice over industry, but the lowest rates do not ensure the best quality product. Investing in fair market value isn’t just about paying a balanced rate, it’s also about investing in an asset that will represent your brand, client or organization.
Fair Market Prices for Voice Over Work
Rates range all over the internet for what certain voice over talent agencies or voice actors charge for their work. The truth is, there is a range of standards that talent should stick to that balance out the training and technical competency required to get to the point where a voice over business can not only thrive, but first survive. Working with clients who understand this necessity and are willing to invest in professional talent will generally find a smoother path and refined quality product in the end.
Commercial work is certainly the most challenging labyrinth to navigate when constructing a rate that renders value for the client and voice over artist.
While there’s a lot to decode in each type of project, here are a few things that professional voice actors consider when determining their rates:
● The size and scope of the project: :15, :30 or :60 TV or Radio Ad, internal or external corporate narration, explainer videos, elearning. All of these genres come in differing shapes and sizes.
All are considered and calculated to determine how much a voice over talent can earn for a project. The more usage for broadcast, the higher the rate. For narration, the rate can be higher than normal for more complicated material such as big pharma or medical.
● Home Studio: A home studio is an investment of knowledge, experience, a finely tuned ear and structural supplies. Not only does it need to be built, but maintained and managed. These days, all talent have to have a home studio.
● How the work is produced over time: Are you asking for a quick turnaround? Or is your project planned ahead and ongoing?
eLearning narration is charged by the word or by the finished minute, typically in increments of 10. The volume of work always dictates a lower rate.
Give this a whirl…
Determine the total number of words in the script.
Then divide by 150 – the number of words read per minute at a conversational pace. Or faster if needed. This will tell you how many total minutes of finished, edited and mastered audio to budget for.
Prices and market rates for voice over work shouldn’t be shrouded in a veil of mystery.
Want to know what a project will cost?
Alex Herring can quickly provide you with a detailed quote for your project right away which means that beautiful, finished and edited audio files can be in your inbox faster than you think!
With an authentic, conversational approach to voice over and a very directable, flexible acting skill set that can be deployed on command, Alex can be your go-to, male pro vo for anything behind the mic for TV and radio commercials, corporate narration, explainer videos, and all eLearning, corporate, academic, manufacturing and more.
Proven voice over industry experience with clear and balanced business acumen.
Trust that Alex will work with you to achieve value through fair market rates and deliver nothing but the best results.
Want to learn more? Reach out to Alex today