How Do You Option a Book or an Article?
What's the best way to option an idea for film and TV?
Adapting a book or a play into a film or TV show is all the rage right now. Having access to IP can make your project seem very attractive at studios and streamers.
But how can you option a book or an article?
Today, we're going to dive into this process and give you advice on it moving forward.
Let's dive in together.
'Don't Look Up'Credit: Netflix
How Do You Option a Book or an Article?
Optioning a book or article involves obtaining the exclusive right to adapt the work into a film or television show for a specified period of time.
You should really have a lawyer help you with the contract stuff, but here are the general steps for you to get started.
- Identify the book or article: Find a book or article that you would like to adapt into a film or television show. Make sure to research the author, the publisher, and any previous adaptations or optioning deals.
- Contact the rights holder: Contact the rights holder, which is usually the author or publisher, to express your interest in optioning the book or article. Provide a brief overview of your project and why you think their work would be a good fit.
- Negotiate the terms: Negotiate the terms of the option agreement, including the length of the option period, the amount of money to be paid for the option, and any other specific terms or conditions.
- Draft the option agreement: Hire an attorney to draft the option agreement, which should include the specific terms and conditions of the option, as well as the payment terms.
- If you want an example of an option agreement, I love this one from Stephen Follows.
- Execute the option agreement: Once the option agreement has been drafted and reviewed by all parties involved, execute the agreement by signing and exchanging copies.
- Develop the project: During the option period, develop the project, which may involve writing a screenplay, pitching to producers, and securing financing.
- Exercise the option: If the project is successful and the option period is coming to an end, exercise the option by paying the agreed-upon amount to the rights holder and obtaining the rights to adapt the book or article into a film or television show.
Summing Up How To Option a Book or an Article
By following the general steps outlined in this article and seeking the assistance of experienced professionals, like a lawyer, you can successfully option a book or an article and turn it into a movie or TV show.
Obviously, just getting the rights is the first step, but it's a big one.
Now, go get back to writing.
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