There are two forms of video production, each with their own set of pros and cons. As with any solution the idea is to find which best fits your needs.
Standard video production is how most movies, advertising content, documentaries, news piece, and other forms of pre-recorded video are made. At its most base level this involves recording video, then playing it back later. Of course, that isn't very good on its own, so to make it more appealing we edit out the boring parts, change, add video or audio, and go over and over the content until it's a more condensed and professional product. The downside of this is that it takes time. Often times a lot of time. Though you'll find exceptions, the general rule of thumb is roughly 1hr of editing to produce 1 minute of content. The more high end productions can see those numbers increase massively, some feature length films taking nearly 2000hrs of editing not including the nightly cuts from each day of filming. The plus side is that we have frame-precise control over each cut, fade, and effect. Each scene can be worked over and over again until perfection is achieved.
Live video production is extremely common in broadcast sports, news, and of course for localized and broadcasted content of concerts and events. Live production by nature is as simple as any video that bypasses the delay of editing before being sent out to its audience. However this doesn't mean we can't still tune our product to perfection. Using specialized equipment we can run multiple cameras into processors and switchers, cut between camera angles on the fly, and add graphics, effects, replay, pre-recorded content and more. The large difference is that there will be no wait for the completed video, it is being broadcast or streamed immediately. However there is still work to be done: The production for live video happens before and during. One key term to understand is Pre-pro; or pre-production. For a huge live event to go off smoothly there has to be many plans created ahead of time, assets built and loaded, and an extremely skilled team to drive the operation.
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