Money and options

[dave-fs]

I'm considering purchacing an option on a short story in a science fiction magazine before I write a screenplay version.

The story has me really motivated but I've never done this before and am wondering where I should start the bidding? I've contacted the rights holder and am on hold until I get a better idea.

$500 to purchace within 5 years at $10,000?
$100 to purchace within 2 years at $20,000?

Thanks,
Dave

[dpaterso]

Well, you're going about it the right way, obtaining the rights first, so kudos for that. Presumably you're already outlining, mentally at least, and figuring ways to expand a short story to fill a feature length film -- in my limited experience, not an easy thing to do.

The real question would seem to boil down to, how much money do you have to burn? Your familiarity with the story and your motivation could drive you to write the screenplay in a few weeks, maybe a month. That gives you nearly 2 years to query/sell the screenplay, if you go for the cheaper option.

Just thinking aloud, if none of that helps, ignore me.

-Derek
My Web Page - shameless vampyre fiction & other shameless writings. (http://hometown.aol.co.uk/DPaterson57)
Take the critiques you get with a grain of salt. Invariably, some of the critics will be kooks, bitter curmudgeons, or complete fools. ~odocoileus

[WritingFool]

just curious...is there a going rate for rights, as in action figures, video games, songs and what not?

[Mac H.]

I don't know about the option price, but one independent producer I know bought the film rights to one of Theodore Sturgeon's classic stories for only a couple of thousand dollars.

See http://imdb.com/title/tt0478507/

Remember, that is a well known story written by one the undeniable masters of short sci-fi.

Remind the author of this example when they want to hold out for more money.

Good luck,

Mac.

[Jamesaritchie]

I'm considering purchacing an option on a short story in a science fiction magazine before I write a screenplay version.

The story has me really motivated but I've never done this before and am wondering where I should start the bidding? I've contacted the rights holder and am on hold until I get a better idea.

$500 to purchace within 5 years at $10,000?
$100 to purchace within 2 years at $20,000?

Thanks,
Dave

I thinnk you're on track, but I'd never even consider either an option at such a miniscule price. Your low purchase price isn't much higher than my minimum option price, and not for five years, either.

Tying up a story for five years for only five hundred bucks? You have to be kidding.

[Goodwriterguy]

I thinnk you're on track, but I'd never even consider either an option at such a miniscule price. Your low purchase price isn't much higher than my minimum option price, and not for five years, either.

Tying up a story for five years for only five hundred bucks? You have to be kidding.
Five years is a bit on the long side. It would be better perhaps to structure the option in increments of time, so that as a period runs out, the option can be extended.

But you don't need five years anyway. You need two, with an option to extend for an additional year, for three all told.

The first year is dedicated to writing the script. I don't think, as Derek suggested, this can be done in much less time so give yourself room to breath. Second year is dedicated to marketing and selling the piece and getting a deal for a picture. The option to extend for an additional year protects against being "this close" at the end of the second year and facing an expirey. If you don't have a sale by the end of three years, odds are you're never going to have a sale.

One other thing I'd do is make payment in full for the rights contingent upon a sale of the script. Thus if you never sell the script, you never pay for the story rights. But if you do sell the script, you do pay for the story rights. This condition is not all that uncommon in option deals.

As far as pricing and values, the buyer and seller simply have to negotiate unil they reach agreed upon sums.

Keep in mind too that the author of the story will be due some or all of the "story by" credit on the picture and this will earn him some % of the script's sale price, 25% if he gets a full "story by" credit, half that if he shares it with the screenwriter.

[WritingFool]

Hey, more power to him if he can get the asking price he offered. I would think, depending on where the short story came from, that a majority of short story writers dont see a true commercial viability for their story - else they would make it into a screenplay themselves. That is if they want to effort as much time as it would take to not only put it into a script format, but also do all the work in getting it out there.

I wouldnt be surprised in the least if he did get the amount and time frame he originally offered. Is it better to get something for your story, or nothing more for a short?

If someone can find a way to market the stories, articles or songs Ive written or poems I've collected better than I can, hey more power to them. Kick me down a few bucks, and Ill be happy. Heck, buy me a pizza and a beer and Ill wish you all the best. Maybe we can do something in the future - is my thinking anyway