Considering the amount of work, the number of people and the cost of equipment it takes to make a motion picture, $1m is absolutely low budget. The average cost for a Hollywood feature film is $65m+. It's difficult to make any film with a medium size experienced crew for less than $1m. If you have any recognizable talent, it's difficult to make for less than $5m. Once you get below $1m, the terms "micro budget" and "no budget" start being used. Mini-budget, Indy budget, Ultra Low budget are also used. It depends on who's is using the term and in what part of the industry they are working in. If you are outside of the industry with no money, the terms mean little to nothing because everything is low or no budget, but if you are working with crews, talent and investors that have experience, those terms have specific meanings.SAG (Screen Actors Guild) uses Ultra Low Budget (0-250k) Low Budget Modified (250k-700k) and Low Budget (700k-2.5m) to differentiate projects from their normal union rates.
Toward the edges of the industry I've seen the following breakdown.
No Budget = below 40k
Mini Budget = 41-80k
Micro Budget = 81-150k
Ultra Low Budget = 150k-250k
Low Budget = 251-400k
Indy Low Budget = 401-500k
Classic Low Budget= 501k-999k
Hollywood Low Budget = 1-5m
But more often I just hear the terms No Budget, Micro, Indy and Low.
hema_n|7 years ago