You can cut down some costs if you work with freelancer. Try scriptlance.com or other similar sites BUT:
1. Expect some time for the project to be over.
2. Expect to have a lot of people saying they can do it ... but in the end ... that is all they can do ( say )
Brightcove is used by major sites/brands because of the video ad integration, by using the player you can essentially completely outsource your video ad sales (or to manage it yourself). There are tons of features that probably aren't even visible to an end user. To clone brightcove features, backend market place, backend video upload and conversion, cdn integration, etc to the same quality would cost a lot of money.
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