Movie News: Making Sense of Options
Thursday, March 4, 2010 So good news in the little world of the Time of My Life movie: I heard this week that The Weinstein Company has re-upped their option to Time of My Life! Whoohoo! So what exactly does that mean? I thought this might be a good time to break down movie lingo and how (on the rare chance) an adaptation actually gets made.
So, first of all, you have your book and you have your literary agent. In most cases, your literary agent will connect you with a film agent, and this film agent may or may not agree to take on your book/work. Many times, he or she doesn't. Getting a film agent is, believe it or not, even harder than landing a lit agent, and they pass on many more projects than they say yes to.
But if you do manage to land a film agent, your agent will then (at a certain point - timing may matter, revisions may matter, publication date may matter), take your manuscript or book out to studios, production companies, directors, actresses, etc. Much in the same way that your agent will take your book out to publishing houses. Many, many of them will pass for a variety of reasons: they're developing a similar project, they think that transgendered vampires are all the rage and exclusively looking for scripts with that angle, they think your writing just plain sucks, etc, etc, etc. Hopefully, however, one or more will think, "aha! This is just what we're looking for to really bolster our chances at the Oscars," or "Gee, this book will bring us in boat loads of money and fund our children's college tuition plans for life!"
If this fortuitous turn of events should happen, your agent will negotiate an option deal, and what this means is that the studio/producer/whomever, retains the right to make your book for a designated period of time for a lump sum: I believe the standard period is 18 months, but I've heard of 12-month deals, so there may be some flexibility...not sure. After that period of time has expired, the same studio/producer has the right to renew that deal (and pay the author another lump sum) to give them another 18 months to get the movie made. This is where we currently are with Time Of My Life. That the option has been renewed is very positive news because the studio has had quite some time to digest the book and their hopes for it, and often times, options are NOT renewed because the studio realizes that the project (for them) isn't going anywhere. They're not going to write you another check if they have zero expectations for it.
If nothing happens after this second period of time, you and your agent then have the right to shop the book around to new buyers. In fact, if the option isn't renewed the first time around, you can, of course, do that as well. And on the very fortuitous chance that the movie gets made, you then get paid a much bigger lump sum than the option money. A win-win for all involved.
So that's how it breaks down. (More or less: I'm sure that there are a lot of other variables that I haven't covered, and I'm not an expert, so don't sue if you've heard of differing experiences!) Right now, it feels like Time of My Life has cleared a lot of hurdles, and my fingers (and toes) will remain crossed that things keep moving in that upward direction!
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