Film rights allow the holder to create a film based on existing intellectual property. Permission must be obtained from the copyright holder, and associated demands such as merchandising and sequels may be included. A material option can be used to pitch ideas to potential financiers.
Film rights are a type of intellectual property rights that allow the holder to make a film based on the existing property or idea. In order for a producer, director, writer or production company to legally create a derivative work intended for the screen, they must obtain the rights to the film from the copyright holder. The film rights can be purchased outright or they can be “optioned” in an attempt to get a buyer for all the rights.
When a person creates a piece of intellectual property, such as a book, play, song, character, video game, television show, or painting, they inherently own the copyright to the material. Anyone wishing to copy or use the work legally, such as putting on a high school production of a copyrighted play, must obtain the permission of the copyright holder and often pay a royalty. The permission can be strictly limited and very specific; for example, a high school might get permission to put on a play, but that doesn’t allow them to write and sell a sequel to the play. Film rights are a concession by the copyright holder to turn intellectual property into a film.
Folded into film rights can be many associated demands which are common concerns with the film industry. For example, if a person wants to make a movie out of a best-selling children’s book, they’ll probably also want to get the merchandising rights from the owner, so the filmmakers can also release a toy line for the movie. The right to make sequels is another common element in a film rights deal. Intellectual property owners sometimes have sizable bargaining chips in the process of negotiating a movie contract; experts strongly recommend that anyone contacted about film rights use an entertainment lawyer to ensure a fair settlement.
Often, the first step in obtaining the film rights to a property is the material option. Option is a process in which a writer, director or producer temporarily leases the rights to a property for a small fee, in order to legally pitch the idea to film companies that may be willing to finance a film. Usually, an option agreement is exclusive, meaning that the copyright owner will only grant the rights to one person at a time. If the director is able to find financing and set up the film before the option expires, the copyright holder must agree to sell all rights to the film. If the director does not find financing before the option expires, the rights automatically revert to the copyright owner.
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