Pay rates refer to the compensation offered to talent for their work on a production, encompassing various forms such as salaries, hourly wages, and residuals. Understanding pay rates is essential in negotiations, as they can vary widely based on the talent's experience, market demand, and the nature of the project. They also play a significant role in budget planning and securing talent for roles in film, television, and theater.
congrats on reading the definition of Pay Rates. now let's actually learn it.