Not everyone can cash in immediately on a screenplay, in fact very few do. For the majority of promising scripts, producers exercise what is referred to as “optioning a script.” Producers realize that at any given time, a certain topic, genre, or theme may suddenly become popular and warrant a film following in a similar direction. Therefore, instead of buying up each and every script that comes around, producers may choose a handful of scripts and option them. In order to complete the process of optioning a script, the producer and writer agree on a contract in which the producer is given exclusive rights to buy the script during a 12-18 month time frame.
Optioning does not mean that your script is sold. In fact, the amount agreed upon for an option is usually a few thousand dollars. Optioning simply gives the producer a time frame during which he can work through “development hell” in order to pull together financing and set the stage before actually buying the script and moving into pre-production. A producer may choose to drop the project after the optioning period ends however, while a writer may choose to do the same in the case of a stagnant producer effort.
Though optioning often happens with screenwriters, all material is fair game for optioning, such as novels, video games, or any other form of intellectual property. With the recent spike of superhero movies, producers were quick to grab up comic books that held potential for a successful film. The recent popularity of first-person shooter video games also caught the attention of producers for some time. However, in the case of a profitable comic book series, a low-budget production company seeking to option the series may present a conflict of interest.
Therefore, if given the chance to option a script, make sure to weigh a number of factors before signing the contract. First off, does the producer have the means necessary to gain financing for the project? Also consider the track record of this producer. If they have a number of similar films, check to make sure that the films were not box office failures. Last of all, go with your gut instinct and make the choice that you believe will be the most rewarding in the long run.