What is a Production Company?

You may have seen big blockbuster movies and bravely thought that you could make something like that, too. These expensive and utterly thrilling movies are the work of creatives and of business talent, like production companies. Now, you’re probably wondering: what is a production company? What is a production company’s role in creating these blockbuster films?

We at Peerspace have the answers for you! Along with providing amazing production spaces, we also delve into what production companies do. This article will be the perfect place to learn about a production company’s role in making films and other mass media and set you up with the right information to start your own.

What do production companies do?

Production companies are the backbone of the entertainment industry. They are the intersection between art and industry for film, TV, comics, websites, and video games. Big Hollywood movie studios like Paramount Pictures, Warner Bros., and Universal Studios are some of the most famous examples of production companies. And they are all focused on bringing blockbuster films to the big screen.

Production companies also sell all other forms of media and memorabilia around that intellectual property. These companies bring artists together around a story and provide the funding to bring the story to life in a new, entertaining, artistic way.

Types of production companies

What is a production company’s unique discipline and focus? Are there multiple types, and how do you know which one is right for you? A film production company primarily focuses on producing a film, TV, short films, and web series content.

Now, even YouTube videos and other social content have become a major publishing platform for film production companies. That is because their reach is constantly expanding and starting to replace more traditional forms of mass media. They have to change with the times to evolve and stay relevant.

A radio or music production company would primarily focus on recording, producing, and publishing music for consumers. These audio-focused production companies are also starting to move into podcasting, Alexa Skills, and other audio-based media platforms to expand their reach. It’s a smart way to use their current skill set of producing great audio entertainment for the modern masses.

Often, a film production company will collaborate with or hire an audio production company to work on the soundtrack for a film; other times, the audio production company may reach out to the film production company to create a music video for one of their artists. When production companies really get big, this all happens under one roof.

Universal Studios is a great example of a production company that produces media in all forms from film, TV, music, and even comic books.

How can you start your own production company?

What is a production company’s first step in establishing a brand and a place in the market? First, decide which discipline you’d like to focus on: film, audio, comics, or video games. There are a few different criteria to consider at this stage.

What do you have a strong interest in? You may love films like those in the Marvel Cinematic Universe, but you may not like comic books as much. Maybe you love music and podcasting, but visual media just aren’t for you.

For example, if you chose film production as your area of interest, then there are a few skills you’ll need to learn to be able to successfully run a company. Make no mistake, you can learn these skills on your own just as well as you could learn them in film school. Choose the route that works best for you personally and financially.

For film, you’re going to need to learn the basics of filmmaking, including cinematography, scriptwriting, and directing both actors and crew. In addition, you’ll need to learn lighting techniques for your productions to have a certain cinematic quality.

If you plan to start out as a solo film producer, you’ll be making many small corporate videos and perhaps some music videos and wedding videos at the beginning of your career. These kinds of films require a light, mobile kit that can create a beautiful scene in any location.

What is a production company’s legal requirements?

Establishing a legal business entity in the form of an LLC, C-Corp, or S-Corp is an obvious step. It both reduces the taxes you’ll owe and protects you from liability should the company get sued. You’ll also need to register your company for federal tax purposes and retrieve an EIN number for your business.

One step a lot of people miss in their first foray into business is creating a separate business banking account. This is necessary for keeping the books clean and separating business and personal expenses. It would also be advantageous should you need to take debt in order to grow. You may also consider getting a business credit card for short-term loans, airline miles, and other perks that may help you out in small ways.

An accounting solution is absolutely necessary. Many software companies can help you do it yourself. Still, in general, it’s best to keep accurate and up-to-date records of business transactions. Then, come tax season, have a certified accountant file everything for you.

Business insurance is not a legal requirement. But, we strongly recommended for production companies to protect valuable equipment and workers on set. It also shields you against liability and other things that may happen as you run your business.

Get to work

Now that your company is formed, it’s time to get to work! In producing your first film, follow these steps. If you’re working in music, comics, or video games, the steps are mostly the same.

Just adapt these steps to fit your project:

Obtain a script

You can write a script, find a friend who has a good one, or commission one from a writer you trust. If you went to film school, your academic network is a great place to start the search for a great scriptwriter.

Establish a budget

Funding for a film largely decides what will be possible to bring to life. More spectacular effects become possible every year as tools become available to the masses that used to be cutting edge for the biggest production companies.

Assemble a crew

The crew on your film is crucial because a great director, cinematographer, and actors can make or break a film at any budget. Depending on the size of your production, there may be tons of more crew working behind the scenes.

Plan everything meticulously

You can execute a great plan precisely and still leave room for happy accidents and improvisation on set. If you don’t have a plan and try to improvise everything on set, you can expect a bad film nine times out of 10.

Don’t forget about the location!

The location where you shoot can be just as important as the actors you cast, and the limitations of that set can constrain you and your crew.

Peerspace has a huge variety of spaces, with amenities ranging from cozy decorations in an apartment to warehouses set up as fully functional sound stages with all the lighting and grip equipment you could ever need.

Here is just a small sampling of some of our favorite Peerspace production venues:

• This film production studio with large cyc wall in Hanover, MA that is 3,000 square feet
• This backlot street corner for film and TV in Maywood, CA that is 97 square feet
• This Midtown Manhattan studio with green screens and white cycloramas that is 2,002 square feet
• This simple production studio with lighting and backdrops in Largo, FL that is 400 square feet
• This versatile production studio in Cincinnati with lighting equipment and a loading dock that is 2,800 square feet

As you can see, there are Peerspaces in every town and city that can suit just about every production need! All you have to do is visit the website, enter your location or destination, and see what pops up.

What is a production company: conclusion

Hopefully by now, you have a better grip on what a production company is and does. We shared steps on how to make your producer dreams come true, as well as gave you the lowdown on where producers go to book hidden gem spaces across the globe: Peerspace!

Try it for yourself to see what inspiring and well-equipped spaces you can find for your next project.

Find unique production venues on Peerspace