What Authors Must Know About Book to Film Deals
If you’re a book author that’s interested in book to film deals which could dramatically alter your rights, selling the rights to a book that you’ve written, it’s important to first do your homework. The negotiation process can be lengthy and incredibly challenging, especially if you’ve never worked out such a deal in the past. Selling the rights to your book will certainly change things, but how? Here’s what authors must know about book to film deals and what it means for your intellectual property rights.
Will Book to Film Deals Make Me Rich?
The number one question that most authors want to know is: Will book to film deals make me rich? It’s a valid question for sure, and it’s one that frequently comes up.
We think of feature films and movie stars and we see money. So will selling your book deal to a filmmaker result in a landslide of revenue and financial gain for you as an author? Probably not.
The Reality
Although it would be great for all book to film deals to result in some enormous amount of revenue for the author or copyright holder. That just doesn’t happen most of the time.
However, a book to film deal could result in some additional book sales and exposure for the author so it’s not a loss by any means.
Average Payouts
The average book to film deals will not pay out millions, or even hundreds of thousands. Most book to film deals fetch about $50K. And that’s if the option is exercised!
As well as the book is made into a movie which will take several years. However, if you’re familiar with screenwriting, you could do much better. As the average price for a first-sale screenplay is somewhere between $300K and $600K with many selling for over $1M.
What is the Process for Book to Film Deals?
Book to film deals typically follow the same process of most other kinds of acquisition of intellectual property rights. Starting with the option agreement.
A producer seeks an option agreement from the author when they are interested in developing the project and wish to obtain full control of the story rights.
The option includes a term, usually up to a year. A price that will be paid for the option. As well as a price that will be paid for renewal. And details on the exact rights that are being optioned.
Option Period Expiration
Once the option period has expired, a purchase agreement is established. At this time the producer must either drop the project altogether at the end of the option period. Or they must purchase the story rights and execute a purchase agreement.
The purchase agreement will outline the purchase price, estimates of potential net profits, and various other details.
This is important for authors to know about book to film deals. Because this is generally where authors lose their rights and are asked to give up creative control.
In Summation
Before you execute book to film deals, make sure you know what you’re getting into. You might even want to hire an agent to represent you to ensure that your rights and desires are considered.
Along with those of the producer or production company interested in purchasing the rights to produce your book into a film.
