My question is: Can more than one film company option a story at the same time and if so, do they both have to pay a fee to the author?
Thanks
Thanks
Film Options for Books
- Thread starter Bo Sullivan
- Start date
- Status
- Joined
- Feb 11, 2005
- Messages
- 43,746
- Reaction score
- 8,654
- Location
- Los Angeles
- Website
- www.amazon.com
As far as I know, options are like book rights -- you can only sell it once... until it expires, of course.
And yes, authors are paid for options, in most cases -- ranging from $1 to millions. Options are basically holding rights for making movies, but there's no guarantee such movies will be made -- thus options expire. And the author can sell it again after the expiration.
That's my understanding. I'm sure someone more qualified will jump in and correct me if I'm wrong.
And yes, authors are paid for options, in most cases -- ranging from $1 to millions. Options are basically holding rights for making movies, but there's no guarantee such movies will be made -- thus options expire. And the author can sell it again after the expiration.
That's my understanding. I'm sure someone more qualified will jump in and correct me if I'm wrong.
Egad - No !
As Maestro said, an option is basically gives them the EXCLUSIVE opportunity to buy the story (for a nominated amount) within a certain timeframe. It doesn't make any sense for them to buy a non-exclusive right.
In the indie film world, there is something similar to a non-exclusive option - a letter of interest. This is a non-binding[-ish] letter stating that they are willing to pay a certain price under certain conditions.
In the indie film world, a letter of interest is used to get others interested in the project. For example:
1. Investors may not want to put money into a project until a distributor has agreed to distribute it.
2. A distributor may not agree to distribute it until a well-known director or star agrees to work on it.
3. The well-known director or star won't want to clear his schedule to work on it unless there is a chance of investors financing it.
4. See Point 1.
This is a vicious circle - but a letter of interest can help break out of it.
You don't get paid for it, but it does increase the odds of it getting made.
See: http://en.wikipedia.org/wiki/Option_(films)
Good luck,
Mac
(Disclaimer: My experience has only been with my screenplays being optioned, and unsuccessfully trying to option a dead writer's book from an heir who didn't even know they were related to the author - so I don't have experience with writing a book and having it optioned.)
Last edited:
Great - I have sent off queries to film companies for Murder in the Dark - may be I will get some replies. Some of them have famous name actors attached to the film companies, such as Michael Douglas, Robert De Niro and Robin Williams.
Thank you for your replies; they are much appreciated.
Thank you for your replies; they are much appreciated.
Last edited:
Only 1 option at a time for a book, and they usually aren't all that much. If the book goes into production as a movie that's when the money gets real. Still, the odds of this happening are very slim.
- Joined
- Feb 11, 2005
- Messages
- 43,746
- Reaction score
- 8,654
- Location
- Los Angeles
- Website
- www.amazon.com
Yeah... a friend of mine sold three options already in the past few years and nothing has even come close to a production deal.
I'm a bit confused. Is this a novel or a screenplay? If a novel, your queries should go to agents, not film companies (apologies in advance if I misread something).
Here's something else you should know:
The purpose of an option is to give the option-holder exclusive film rights for a fixed period of time. That way, the option-holder can show it around to possible investors without fear that one of the investors will get in touch with you and say, "Hey, I'll pay you more for the rights than that guy."
When someone buys an option, the final selling price of the film rights has to be determined at that time. Otherwise, the option holder would be trying to get investors on board, without knowing how much they'll have to shell out for the full rights.
The price of the first option (usually for six months, but it can vary) is applied to the final selling price. In other words, if you agree to sell the full rights for $100K, and the option is for $10K, then if they buy the full rights, they only owe you $90K. HOWEVER, if the option runs out, the buyer isn't ready to buy the full rights, but wants to extend the option, NO SUCCEEDING OPTION COSTS ARE APPLIED TO THE PURCHASE PRICE. So in effect, the cost of each additional option ADDS that amount to the final purchase price.
If a good agent is negotiating this stuff for you, they'll already know that. If you're doing it on your own, be sure that's in any contract you sign.
Nowadays, there are so many shoe-string budget "indies" making movies, it's become almost normal for filmmakers to ask for a free option. If you decide to go with it, make sure you have the final selling price in writing, and don't give anyone more than a six month's option. If they want to renew after that, it should cost them, and the cost shouldn't be credited against the selling price.
Here's a tip: If someone wants a free option, tell them the price is you co-writing the screenplay. You don't have to insist on creative control (which you won't get in almost any circumstance), but you must contribute and get an on-screen credit.
Here's why: Movie rights contracts always include "points," meaning a percentage of the profits. It's the sickest joke in Hollywood, because in reality, no one ever collects on points. Actually, sometimes huge stars like DeNiro collect, but that's because they got points on what the movie grosses, not on the net profits. Hollywood has been cooking the books for decades to make sure that no movie ever shows a net profit. And there's no way anyone is going to offer a mere author points on the gross.
BUT, totally aside from the movie's profits, any time a movie is shown on TV, the screenwriters get residuals from every TV station that airs the movie, every time it's aired.
Get your name on a handful of halfway-decent screenwriting credits, and you've got yourself a nice little retirement package.
Also, if anyone offers to buy an option, by all means contact an agent to negotiate the deal. Most anyone will do it for the percentage, and it's well worth it to have a pro taking care of the pesky details for you.
The purpose of an option is to give the option-holder exclusive film rights for a fixed period of time. That way, the option-holder can show it around to possible investors without fear that one of the investors will get in touch with you and say, "Hey, I'll pay you more for the rights than that guy."
When someone buys an option, the final selling price of the film rights has to be determined at that time. Otherwise, the option holder would be trying to get investors on board, without knowing how much they'll have to shell out for the full rights.
The price of the first option (usually for six months, but it can vary) is applied to the final selling price. In other words, if you agree to sell the full rights for $100K, and the option is for $10K, then if they buy the full rights, they only owe you $90K. HOWEVER, if the option runs out, the buyer isn't ready to buy the full rights, but wants to extend the option, NO SUCCEEDING OPTION COSTS ARE APPLIED TO THE PURCHASE PRICE. So in effect, the cost of each additional option ADDS that amount to the final purchase price.
If a good agent is negotiating this stuff for you, they'll already know that. If you're doing it on your own, be sure that's in any contract you sign.
Nowadays, there are so many shoe-string budget "indies" making movies, it's become almost normal for filmmakers to ask for a free option. If you decide to go with it, make sure you have the final selling price in writing, and don't give anyone more than a six month's option. If they want to renew after that, it should cost them, and the cost shouldn't be credited against the selling price.
Here's a tip: If someone wants a free option, tell them the price is you co-writing the screenplay. You don't have to insist on creative control (which you won't get in almost any circumstance), but you must contribute and get an on-screen credit.
Here's why: Movie rights contracts always include "points," meaning a percentage of the profits. It's the sickest joke in Hollywood, because in reality, no one ever collects on points. Actually, sometimes huge stars like DeNiro collect, but that's because they got points on what the movie grosses, not on the net profits. Hollywood has been cooking the books for decades to make sure that no movie ever shows a net profit. And there's no way anyone is going to offer a mere author points on the gross.
BUT, totally aside from the movie's profits, any time a movie is shown on TV, the screenwriters get residuals from every TV station that airs the movie, every time it's aired.
Get your name on a handful of halfway-decent screenwriting credits, and you've got yourself a nice little retirement package.
Also, if anyone offers to buy an option, by all means contact an agent to negotiate the deal. Most anyone will do it for the percentage, and it's well worth it to have a pro taking care of the pesky details for you.
Hi!
Thanks for your comments. Murder in the Dark is actually a book manuscript. I want to turn it into a screenplay. I sent the queries to film agents connected to the studios.
I had a reply from the BBC to say send in the manuscript, but I didn't realise that they only want scripts and I have never written one of those so now I am stuck.
Your comments have been really helpful.
Thank you.
Barbara
Most studios simply don't have the time or interest to read a novel.
Usually if they haven't heard of a book they aren't going to be interested in it.
For them it's pretty much a buyers market. Everybody wants their books to be made into movies but very very very few books actually get made into movies.
Yes, I was reading their statistics and they get 10,000 scripts a year. It was worth a try but I'm not building up any unrealistic expectations.
Barbara
- Joined
- Feb 11, 2005
- Messages
- 43,746
- Reaction score
- 8,654
- Location
- Los Angeles
- Website
- www.amazon.com
Yup, it's a tough market. Everyone in LA is either an actor or a screenwriter. To have a book made into a movie, most likely it has to be a well-known book/bestseller or you know someone (or some studio exec or star happens to have read your book and loved it). Rex Pickett got Sideways made into a movie before the book was even published because he was friends with Alexander Payne, who wrote the screenplay based on Pickett's ms. -- and the film was an indie. The indie market probably works a bit differently but there's not a whole lot of money in it to begin with, but things might be changing as more and more indies cross over to mainstream.
Is your book published? Or is it still in ms. form? If it's not published, you have yet another obstacle -- chances are slim that a studio would consider an unpublished ms. of a book, unless there is prior exposure to the work (such as a graphic novel, podcasts, etc.) or the author is already famous.
My friends sold options only on their screenplays. One is still trying to get a novel published.
To have a book made into a movie, most likely it has to be a well-known book/bestseller or you know someone (or some studio exec or star happens to have read your book and loved it). Rex Pickett got Sideways made into a movie before the book was even published because he was friends with Alexander Payne, who wrote the screenplay based on Pickett's ms. -- and the film was an indie. The indie market probably works a bit differently but there's not a whole lot of money in it to begin with, but things might be changing as more and more indies cross over to mainstream.Is your book published? Or is it still in ms. form? If it's not published, you have yet another obstacle -- chances are slim that a studio would consider an unpublished ms. of a book, unless there is prior exposure to the work (such as a graphic novel, podcasts, etc.) or the author is already famous.
My friends sold options only on their screenplays. One is still trying to get a novel published.
Yup, it's a tough market. Everyone in LA is either an actor or a screenwriter.
Is your book published? Or is it still in ms. form? If it's not published, you have yet another obstacle -- chances are slim that a studio would consider an unpublished ms. of a book, unless there is prior exposure to the work (such as a graphic novel, podcasts, etc.) or the author is already famous.
My friends sold options only on their screenplays. One is still trying to get a novel published.
My book is with 8 London agents for review; I have one offer of publication for a small fee (not my choice of publisher), but I hear they are very good. So the answer is yes, it is still a manuscript at this stage!
I don't think I am going to get lucky! The BBC e-mailed me back to say they only look at scripts and not novel manuscripts or short stories.
The Illusionist film was made from a short story, but I haven't even been able to find the outlet to buy the story, and yet that is a fantastic film.
Barbara
Last edited:
- Joined
- Jan 18, 2007
- Messages
- 20,006
- Reaction score
- 5,353
small fee=BAD.
You don't pay agents to represent you or publishers to publish you. THEY pay YOU. Careful that you're not getting sucked into a scam.
You don't pay agents to represent you or publishers to publish you. THEY pay YOU. Careful that you're not getting sucked into a scam.
As soon as I saw reference to fees I did not pursue it. So I don't know how much they wanted to charge.
- Joined
- Feb 12, 2005
- Messages
- 18,805
- Reaction score
- 4,600
- Location
- Caledonia
- Website
- derekpaterson.net
Dare I suggest it's not rocket science, if you already have a good story you think might adapt into a good TV drama. The BBC makes it easy for you -- visit BBC Writersroom and read some of the screenplays in the Script Archive which has a selection of recent drama scripts. There's also script templates for MS Word, a list of script formats, a sample screenplay, and more.
-Derek
I noticed you are in Wales, in which case you need to get on the TAPS mailing list and think about attending one of their subsidised courses for writing for TV, they have started running a lot of their courses in Wales. Also contact your locals Arts Council offices which will have listings and contacts for training and funding for writers. I went on one of the TAPS courses which was excellent, one of their guest speakers was an agent who asked to see more of my work and later took me on as a client. If you start digging about you will be amazed at what is out there on a regional and national scale. The BBC also run script writing courses and schemes up and down the country.
http://www.tapsnet.org/coursedocu/TAPSWebBrochure0206.pdf
http://www.tapsnet.org/coursedocu/TAPSWebBrochure0206.pdf
Is it true there is a lack of trained screenwriters? I read the Taps document and it says about 100 writers apply for the course every year and only a few are chosen. It seems like a very exciting course and I would love to attend. I have e-mailed them.
This thread is really interesting with some great information. Thanks to all of you who have replied.
This thread is really interesting with some great information. Thanks to all of you who have replied.
A lack of screenwriters? ????? No, there are about 10,000 screenwriters for every possible position.
Millions of scripts are written every year. During that year Hollywood makes 300 movies.
Millions of scripts are written every year. During that year Hollywood makes 300 movies.
- Status