Washington Option to Purchase Rights to a Novel
Description
How to fill out Option To Purchase Rights To A Novel?
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FAQ
Generally speaking, the price that a production company will be willing to pay you for your book to film adaptation rights is about 2-3 percent of the production budget. So, say the production company has a budget of $10M to produce your book adaptation.
No. You must have permission from the owner of the copyright in the original movie or book that you're basing your screenplay on. Particularly in the entertainment industry, there may be monetary hurdles that you have to get around in order to get permission to write a screenplay based on a book or movie.
Research the Book You Want to AdaptSearch the U.S. Copyright Office's database for the book that you're interested in adapting. You're looking to make sure that there is a copyright registration for the work, who the rights belong to, and that the rights haven't already been optioned to someone else.
By entering into a book option, you reserve the rights to the book for a limited period of time in order to make the film. An option typically requires paying the author and/or publishing company an agreed upon amount. Option prices range, so research what that publishing company typically agrees to before negotiating.
By: Mark Litwak. A literary acquisition contract is an agreement to acquire all or some rights in a literary property such as a novel or a play. Producers typically use it to obtain screenplays or movie rights to literary works.
A film adaptation is the transfer of a work or story, in whole or in part, to a feature film. Although often considered a type of derivative work, film adaptation has been conceptualized recently by academic scholars such as Robert Stam as a dialogic process.
Therefore, having a book optioned means that a studio buys the rights for a set amount of time to develop the project into a film. If that window expires, the studio can option it again, buy the rights outright to develop the project and move forward with the film, or return the film rights to the author.
The purchase price is usually 23 percent of the production's budget, with a cap. So, at 2 percent, if a film is budgeted at $10 million, on the first day of principal photography you get a check for $200,000. If the cap is $225,000, that means even if the film is made for $50 million, your fee is still $225,000.
The fact is, book authors rarely become wealthy from movie deals. When the screen rights are sold (or when the option is exercised), the writer often gets a sum equal to about 2.5 percent of the budget. Keep in mind indie films are only made for a few million dollars.
Film rights for an unknown or modestly successful book mayand may notfetch $50,000 if the option is exercised and the movie is made, which takes years. The average price for a first-sale screenplay, on the other hand, hovers between $300,000 and $600,000, with some going well north of $1 million.