How to Option Book Rights for Film
Securing the right to alter or adapt a book for the purpose of producing a motion picture is something that many film producers and screenwriters consider. Learning how to option book rights for film is definitely a consideration that many screenwriters will look into. And want to fully understand. But what’s the actual process like? How does a screenwriter go about obtaining permission from an author to use their book as the basis of a film?
Anytime a film producer is interested in using a book to produce a movie they must take certain steps to acquire permission from the original author to do so.
Optioning book rights for a film can actually be a lengthy process. And it could prove rather costly depending on the book. It all really depends on the author. As well as the negotiation skills of the two parties.
Understanding Intellectual Property Rights
The United States basically grants the rights of copyright protection to the intellectual property owner. The “owner” is the original creator of the work. In the case of a book, the owner is the author, the individual who originally wrote the book.
When a filmmaker wants to secure the rights to use a book for the purpose of producing a film. They must acquire a license to use the work from the original copyright owner.
In this case, the filmmaker would seek permission in the form of a license from the author of the book. Or, if the book was successful, the author might have a literary agent. Who has the ability to negotiate these types of deals. And grant the license to option the book for film.
The Option Agreement
Learning how to option book rights for film is all about taking the steps to obtain permission to use the work. The first step is to ask for permission to “option” the book.
Optioning book rights for film is a process that means the filmmaker is seeking permission from the book author to secure an exclusive right to the work.
If the author grants the filmmaker the “option” then the two will enter an option agreement. The option agreement is a contract. Which basically states that the filmmaker has the exclusive option to purchase the film rights to the book after or within a set period of time.
The option agreement allows the filmmaker the time to work closely with investors. And determine whether they can secure the appropriate funding required to produce the actual film. If they are able to get enough funding, they will exercise the option, and purchase the film rights to the book.
Negotiating a Purchase Price
Once you’ve worked with the author of the book to secure the option agreement, you’ll also work on negotiating the purchase price.
The purchase price is 100% negotiable and should be carefully planned between the filmmaker and the author of the book. This is important because the option price is typically a percentage of the purchase agreement price.
Learning how to option book rights for film is a multi-step process that begins with seeking the owner of the original copyright to the book (the author), negotiating the rights to an option agreement, paying for the option.
And ultimately, securing the funding to finalize the purchase agreement for the book to film rights.
