Acquiring Story Rights in Filmmaking

Any great story is the result of a keen imagination, strong creativity, and a demand to capture the attention of the intended audience. But with all great stories there are equally great original ideas that are the result of an author’s intent or that of someone else’s remarks. Because great films are the byproduct of amazing stories, often those which have already been copyrighted or which are otherwise owned by another party, acquiring story rights in filmmaking represents a key process of pre-production. But obtaining essential intellectual property rights, as important as it may be, can pose several challenges. 

What’s a filmmaker to do when the story they wish to produce doesn’t technically belong to them? They acquire story rights, offering them the ability to produce some adaptation of the existing copyrighted work.

Whether producing a book to film adaptation or someone’s life story into a documentary or biopic, acquiring story rights in filmmaking is an integral process that must be fully understood. 

Why are Story Rights in Filmmaking Important?

Almost all films come from some other derivative work. Such as a previously published book. Or some other source materials under copyright protection.

Those that are not the result of such works, such as the life story of an individual, require life rights agreements allowing you to use someone’s personal details, characteristics, and image in a film.

Unless Otherwise

Generally speaking, unless you’re basing your film off of a completely non-fiction story. Something represented by local news. Or real events that are not in any way protected by copyright.

You’re going to need to focus on acquiring story rights in filmmaking before you move forward with your production. Without story rights, the use of previously published or otherwise protected material.

As the structure or base of your story can and almost certainly will result in you being accused of copyright infringement. Or otherwise stealing intellectual property.

Optioning Story Rights in Filmmaking

Acquiring story rights in filmmaking is typically superseded by an option agreement. Optioning story rights in filmmaking simply means that you’re purchasing the option to produce the story into a film.

In the event that you’re able to negotiate a purchase agreement. After you’ve managed to secure financing and appropriate investment funding to move forward with the production. Much of this lies in your ability to pitch the story to the appropriate investment financiers. 

Basic Essential Terms

Within the option agreement the basic essential terms of the purchase agreement are outlined. An option agreement void of the details regarding purchasing the film is useless.

And merely provides the producer the opportunity to execute a purchase agreement in the future. It’s certainly a better idea to execute the base details of a purchase agreement.

Along with the option so that you know whether you even prefer to move forward. Based on the purchase price that the other party is expecting.

Option Agreement

The option provides the producer with a specified period of time. Within which they may work with investors to come up with funding and financing to produce the film.

Usually an option agreement provides for between 12 and 18 months that the producer may maintain the right to purchase the story for production.

This timeframe is to allow the producer to work out the funding they require and prepare to get the story produced at which time a purchase agreement is executed.

Purchasing Story Rights in Filmmaking

The true ability to use a story for the purpose of producing a film comes with purchasing story rights in filmmaking. Whether you’re purchasing the life story rights from someone.

Or you’re purchasing story rights from someone that owns a copyright to a book. As well as other intellectual property. The purchase agreement represents your exclusive right to produce the story. 

Perspectives

Purchasing story rights in filmmaking will grant the producer or purchaser the sole and exclusive right to produce the story into a motion picture.

As a producer, you naturally want to purchase story rights for as little as possible. But the author or individual that you’re purchasing the story from might see things differently.

They realize that back-end payments are contingent on several factors or circumstances. And that they may not receive any other payments for their story because of the contingencies.

As such, the author might seek to negotiate a higher purchase price than the producer would prefer to pay. But selling prices and purchase prices are negotiable.

The Takeaway

As you can see, there are many different steps to acquiring story rights in filmmaking, and certain challenges or negotiations could sway the process in any direction along the way.

As such, say you’re a producer with interest in acquiring story rights in filmmaking for your next big production. It’s important to be ready for negotiations and to do your homework. Because every great film begins with an equally amazing story.