Video and audio play different roles in people's lives. For example, on Facebook, people are more likely to share a video than audio. When driving to work, people are much more likely to listen to audio than watch a video (hopefully). So it depends on how you are trying to reach people.
If you are trying to get more attention to your songs, you could potentially release a video on YouTube that contains only lyrics and perhaps still images. That would be pretty cheap to put together, and you could do it all yourself.
On the other hand, if the video is totally amazing, that in and of itself could get you a lot of likes and shares. That is what these guys did-- their music is sort of poor but I have seen their videos shared all over my friend network. In fact, they are doing a tour right now where they display their videos on a big screen while they play the music. Then again, these guys seem to have a very large trust fund and a lot of free time for putting these together (they rented an airplane for chrissake!)
Unless you have friends that like to shoot and edit video for free, and you have some friends who are models, and you have access to free set pieces, the additional cost of video production is not likely to get you much more bang for the buck. Even the pros only produce videos for a handful of their best songs. Stick to writing amazing music, and maybe release some very simple videos to spread the word.