BUDGET

Budget is a serious thing you need to consider when making a movie
During the script development stage a rough budget will be drawn up and shown to producers and studios to see if the film can go ahead or not, then if all is agreed and it starts up, a final budget will be drawn up later during the pre-production stages. Usually lots of drafts are made to cut down costs as much as possible.

A budget is divided into 4 sections;
above-the-line (creative talent)
below-the-line (production costs)
post-production (editing, visual effects etc)
and other (insurance etc)
You need to take into account all the elements that comes together and all the different people that need to be paid
There are many different elements that need to be accounted for and people that need to be paid;

• Cast-often Hollywood stars, and they will want the big bucks (millions)
• Directors- will usually take around 7% of the final budget.
• Writer
• Production Costs
• Visual and Audio effects
• Screen play writer
• Story Rights-if the story is taking from a novel etc.

Example- Lara Croft Tomb Raider: The Cradle of Life
Story rights and screenplay: $4 million
Producers: $4 million
Director (Jan de Bont): $5 million
Cast: $17.25 million
Angelina Jolie: $12 million
Extras: $250,000
Other (inc. Angelina's perks): $5 million
Production costs: $67 million
Set design and construction: $17.8 million
Visual Effects: $13 million
Music: $3.3 million
Editing: $3 million
Post Production costs: $1.5 million
Total: $118 million-WOAH

Low Budget filming

Low Budget Filming (such as we will be doing later on) is used by young or unknown directors to get there films out there on a limited budget. We will need to take this into account when we make out films.

We will not have money to by extensive amounts of props or rent locations to shoot on, so will we will have to improvise with creepy hallways in school, gardens at night times, and going to the local party shop for props (for example). Our finished look will not be perfect and polished with thousands of special effects so we will have to look into ways in which we can do Horror films on a low budget, which little effects.

One way of doing this would be like 'Blair Witch Project', one of the most notable low budget films in history. Costing a mere $22,000 to make and grossing over $248 million worldwide.