Why It's Bad To Sell A Screenplay For $1 Million Dollars - Jeffrey Alan Schechter
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- Опубликовано: 2 ноя 2022
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After moving to Los Angeles, Jeffrey Alan Schechter quickly established himself as a versatile writer, able to work in all genres from action films to family comedies, from pre-school to adult drama, from live action to animation. His writing has earned him a Gemini Award as well as nominations for two Emmy awards, a Writers Guild of America award, a Writer’s Guild of Canada award, and a BAFTA award.
Over the years Jeff has worked with dozens of studios and networks including Warner Bros, Universal Pictures, ABC, NBC, The Discovery Channel, Nickelodeon, The Hallmark Channel, the BBC, VH1 Films, RHI, and The Walt Disney Company.
Jeff is the author of a book on story structure titled My Story Can Beat Up Your Story! and is a noted speaker and lecturer on screenwriting. Jeff is the founder/creator of WritersRoom Pro software, a digital writers’ room for secure, remote creativity and collaboration.
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I'd take the million in a heartbeat. That amount would cover my bills for a long time, allowing me to focus on writing and other career pursuits without the monthly existential dread.
Exactly
this, lmao. I'm a designer, not a writer, but imagine the freedom and creativity that will come with that cushion.
Yeah most people would but you listen to the guy talk about what he was making, like 90k for two months work. To him the money was never enough. He was constantly making crazy money compared to regular working people. Just to read and write mind you nothing that taxing.
Poor mindset! 😬
This!
You can’t fall in love with your script unless you intend to direct it yourself.
The lesson here is have a good agent.
And a good title.
If I could sell one screen play so I could just keep creating, I would be willing to sacrifice one of my creations to help more live.
The writing credit would propel your career as well. If it’s worth buying it must be good
Tarantino did this for True Romance if I'm not mistaken.
This is an interesting interview if you can get past the title. It's not about a starving artist living on the streets turning down $1 million, it's about someone already in the industry realizing that the lucrative deal made him forget what it takes to maintain a long-term career. I'm sure Film Courage wouldn't air an interview where a wealthy screenwriter advises someone with no film credits or industry contacts to turn down a suitcase full of cash because they want to save their currently non-existent career. That would be crazy whack.
He even says in the interview that selling a spec for serious money when you have no previous credits has been a starting point to the industry for many people. But for him, holding out for the bigger paycheck on the spec derailed his already in-progress career. If he had taken the $250k originally offered, it would have been in line with his previous jobs and would have done more for his career long-term.
Whether or not you would sell your script for a million would heavily depend on the health and the financial situation of each individual writer. Though it may have been a bad choice for Jeffrey Schechter, it may be a breakout from a dire situation for others.
I don't know, I'd take a million on a script so i can finance my dreams and quit my job finally.
exactly.
Yup
1 million - uh yeah. That would be way more than I saved by putting away half my salary for 25 years…lol
After being at the top of the game for 10 years and realising that you don't love the job and that you want to do something else.
It's not a lottery.
Or buy a modest semi-detached home in a reasonable neighborhood in a metropolitan city.
Good Lord. No one wants to hear about a guy making a million dollars and saying if he could do it again he wouldn't take it.
When you get a large sum of money you have to carefully manage it and not over spend. A writer I will not name sold a TV series to HBO for a lot of money and bought a big house with a big mortgage, but eventually the TV series ended and the money stopped coming in. Had he bought a smaller house with perhaps a lower or no mortgage, he would have been fine. But came the day he couldn't make his mortgage payments any more and he lost the house and became homeless and had to go on line and beg for money. That's what comes of mismanagement.
That's always fantastic advice to give to anyone who comes into monster money in a hurry. Spend within your means seems to be a philosophy that few remember when it counts. They buy the big homes, and the fancy cars, and the designer this and that...and then have a fire sale later on because now they haven't the funds to keep that lifestyle going.
$500K would buy a lot of dreams and set a lot of people up for decades or more. Buy a home for $300K outright. $50K for bills and credit captures that you need to erase. $50K for renovations to your new-to-you property. That leaves you $100K to pay the utilities and property tax for 10+ years. You just bought yourself peace of mind and at least a decade to work on another script (or scripts).
Even if you managed to sell one or more for a few million, one still needs to be smart about that newfound wealth. Far too many are of the mindset where they have to spend it now while they still can and forget the future because you'll be old and decrepit anyway so who cares, right? Wrong. It pays to plan ahead and to always spend within your means. There's nothing wrong, illegal, or immoral about spoiling yourself with any of that newfound wealth, but at least be smart about it and how often you spoil yourself, and how much you're spending when you do.
The real smart thing is to spend 90% of the money on 2 places. One you live in, one you rent out.
You now have no mortgage, and an ongoing income, and a small working capital/ slush fund
A lot of people fantasizing on a $1m payday clearly didn't listen to the man. 30% of that check went to the agents and managers, and then 40% of what was left was devoured by taxes. He went home with like $300k. It's nice money, it's just not a million dollars
Try to remember that was "back in the day" though, and these days one needs an agent less and less so you can dump the manager and agent cuts for sure, but you'll still need a good lawyer. That will save you 20% or more so that 30% comes 50% pretty quick. Not to mention that this is simply ONE script. If that one script gets produced, and the movie does well enough to garner attention (and perhaps maybe even an award), that one script becomes many more as your name and talent get legs to run.
You're not wrong, but you're missing a lot of context.
Ngl I’m still dreaming of that day! 🤣🤣 I remember hearing of the Eszterhas and Black spec sales and one day dreaming I’d join their ranks. They say the days of the multimillion-dollar spec sales are gone forever - but who knows? Maybe we can engineer a revival. 😁
Keep at it Jay!
The days of million dollar spec scripts being so common may be over, but the days of million dollar spec scripts is still very much alive. While they aren't near as common as it seemed back in the mid to late 90s, they still exist and that's a good sign. Studios are desperate for material that they feel they can turn a quick buck on, OR, can squeeze out into a franchise.
In the 90s and the 2000s,hearing how Joe Eszterhas,Amanda Silver,and Shane Black getting paid over $2 to $4 million for their screenplays brought a lot of people to overcrowd the scriptwriting business for the lure of greed for that multi million pay,which is ridiculous since it kills off creativity in bringing in the terrible scriptwriters with barely any talent to oversaturate and sink the business.
I understand what he’s saying. He is talking about life and the journey. If you place your value of who you are in monetary value. Your life will be a roller coaster of your own doing. Having a career and doing what you love making while making a living is the true value.
Wow. I know there’s a lot of talk about script sales. But all I heard is that you need to write one script in 3 months 😢
What are your thoughts on writing a screenplay in 3 months?
@@filmcourage Can I do it? Yes. Will it be good? Who knows 😅
I reckon a few netflix screenplays were written in less than 3 months
@@vlnow Good point
@@blainemarcano This explains so much about the endemic crap writing we see in the vast majority, even of huge budget, productions.
Good for him 👏🏼. Lol, it would be a nice dream to sell 3-4 scripts for a million a pop and then dip out of Hollywood. This town is a cesspool and you have to have a thicker skin (especially dealing with the negative environment). I APPLAUD to any screen writer who makes a living- especially from those able to sell while living in another state. Bravo!
Gold dust! Thanks so much to both of you! 🎥🎥🎈🎈
H.H. said it right, better to make a story world than sell a spec script... 😮
Would you rather have a screenwriting career or sell a screenplay for $1 million dollars?
$1 million. Only because I'd transition to writing tv mini series.
It has the structure of film but the long narrative of tv.
Isnt selling scripts what all screenwriters do? Isnt that part of your career?
The career! Absolutely!
I see many people here lacking vision and long term life plans Your career should mean passion and fulfilment not a quick fix of your life and bills
Writers are artists after all, I'm thinking of van Gogh his life and passion....that man has really found meaning in his life he could have been a multi-millionaire if he had an agent right? :) he was a Cristopher Nolan The simple fact that he didn't care about money says it all. If you can't find fulfilment by simply writing, you're just not a writer.
So better get a regular job and don't hold your breath.
I’d wanna be a screenwriter AND the director. As ambitious as that sounds, part of the reason I’m even able to write a screenplay is if I can visualize it and pour my heart and soul into it!
I would heed Jeffery’s words of wisdom and experience, especially in regards to career building.
I would take the million and option to help finance the film (especially if it can be done on a small budget) to get producer credit and get some tiny percentage pro bono.
Sure still have to hustle but if you got a hit, you hit and you’re no longer “just a writer”.
Jeffrey Alan Schechter is the real deal. Thanks Film Courage!
Cheers Bill!
A smart man would invest that money into a self sustaining business/ asset and continue to live the same (below his means) while having his expenses indefinitely covered. From there, he can spend his time doing as he pleases which includes but is not limited to writing more screenplays for himself to finance and film independently. The money only “comes and goes” if you waste it or just sit on it
Basic Instinct sold for 3M
That zany sports comedy must've had a great dramatic ending if it brought its own writer to tears
I wonder how many great scripts get bought, never made, then locked in a vault forever.
If i sold a solid quality script it would be with the agreement that if its not made within 10 years i get ownership back.
Well when you "sell" a script, you really aren't "selling" it as much as you are optioning it. Most will option your script, so they'll pay you a pittance for a couple years and they have exclusive rights to produce it. There will typically be a re-up clause in there as well which affords the studios to re-up again and again for the same pittance (plus adjustments) every couple years. That might sound good to some, as this is somewhat of a steady income IF they re-up and IF that pittance is something they can work with...but what it really means is that the script you just optioned can't be produced by anyone else and like you said, remains on a shelf somewhere collecting dust. Studio A options your script for $50K against say $500K, and they don't do anything for 2 years. They do re-up in 2 years' time, and now it's $55K against $510K BUT Studio B got wind of that IP and they would love to produce it, but they can't because Studio A owns the rights to it (thanks to that option).
You as the writer really have three options. Take the option option, and take your chances that it'll get produced chop chop and not need to get re-upped again and again. Refuse the option option and counter with "You get to option it for those 2 years then it reverts back to me and NO re-up clause will be included.", or you can sell it outright with no options at all and that means that the studio OWNS that IP outright, and they can sit on it OR they themselves can sell it later on to another studio as it is now their IP. That last option is precarious because you will find little traction from studios to buy outright unless they REALLY feel that your script is banging and you'll know because there'll likely be a bidding war for it...not to mention that IF you did find a buyer and let's say they bought it for $1 Million or even $2 Million today...you feel you made off like a dirty bandit BUT in 8 years they sell it to another studio for $7 Million in another bidding war.
Spec scripts are a gamble for you and for the studio, so you need to go in knowing that a lot will be played against you as much as play for you. There are risks to both the studio interested and yourself, and both sides need to assume some risk.
There are other variables like the "work for hire" trap and so on to also bear in mind, and rights reversion after x-number of years to the estate, but that's for another day.
If you Need the Cash sell it for a Million... Immediate doctors fees etc
If you don't then go for a % and Residuals
From what I've heard, even experienced screenwriters have a hard time getting that. It would be nice, though.
Percentage and Residuals is not a good idea for the vast majority of scripts. The film would have to turn a profit (which is rare now) for you to get a Percentage, and it would have to not be forgotten in 5 months to make any type of residuals.
Can you name 5 movies that came out last year that you wanted to watch? I can't even name one.
@@justinlast2lastharder749 Ah well yeah..
By % do you mean royalties ?
@@justinlast2lastharder749 does Top Gun Maverick count ? I both wanted to watch it, expected it to be rubbish, but was happlily surprided when it turned out to be great film
How do I get an agent? Any help? I’m a writer.
THAT would be a very helpful video
you truly have to just send query emails to every agency in town and hope for the best
@@filmexpressreviews can you suggest some of the agencies one should submit to?
@@zeddfilms2388 If you are in the US, search up all the agencies related to the WRITERS GUILD OF AMERICA and send an email to every single person on the list. I did the same in Canada and got my literary agent
@@filmexpressreviews okay noted. Thanks
Hey Film Courage!
I hope you see this.
Could you do an interview on how to reveal plot details in film? (For instance historical facts about places and events vis a vis character background)
I prefer using visuals but would like to know more about other techniques.
Review films and do research on what Film makers say. Then Review them from you own opinion or view in what you like and combine the 2 opinions to make a new idea.
Aka be like Tarintino and take inspiration from older films (old in respect to you) and then see what's popping today.
I may be crazy but is this the same script that was slated to be “Keeper Of The Cup” featuring William Shatner and Dan Ackroyd? The production has been on pause since last year but it sounds quite similar. Also great video by the way, thank you for sharing your insights.
Do you know any editors ? I met one who worked on uk tv shows and his pay was really really high. Makes me wonder what the editors get in hollywood.
It will depend honestly etc. A short or feature...
As much as I enjoyed watching this, they never told us what a 'spec' screenplay is. I wanted this to be a live stream where I could phone in the question "what is a non-spec screenplay?"
Hi Matthew, here is a good article on specs - nofilmschool.com/What-is-a-Spec-Script
The Film Courage interviewer in this video (not sure if you're identified anywhere) - love your interview methodology & 𝘴𝘢𝘷𝘷𝘺. 👍🏽👍🏽
(Edited for clarity!)
She’s the best. But WHO IS SHE?
@@geoffhoutman1557 Lol! I wonder the same! In her humility, she's kept herself out of the spotlight - but now we want to know who this fantastic interviewer & creator is!
Stanley's Cup was the name of that south park episode
Sounds to me like the issue wasnt selling screenplays for a lot of money, but that the agents were demanding a higher wage than the market would pay.
Solution would be that if you ever are in such a situation, you just tell your agents immediately after that giant check that you are absolutely willing to get less money for another job.
Indeed. We just think it is one of those things that is easier said than done.
i could retire comfortably with 1 million dollars.
@@LucasCreativeTech 😂
If I suddenly sold something for a million dollars today, I would try to make it last for as long as possible. I would take an extremely long vacation around the world, visiting every place I’ve ever wanted to visit. Such a trip probably wouldn’t cost more than 20,000 dollars. I would then build a modest house to live in. Around where I live, one could build such a house for 200,000. After that, I would live very modestly and frugally. If I spent around 40,000 thousand dollars a year, I could live off of the million for twenty years. Assuming I never made any other money, I would have to sell my home at 50 years old.
Sure...
This is one of the most depressing things I've heard in a long time.
@@Dembilaja What’s really depressing is that without the million, I’ll probably be out on the streets even sooner.
Taxes. That Million is actually 450k immediately after you get it. Then your agent fees of 10% or so. So 405k.
Long vacations? …No offense but you just don’t want a work ethic. Vacations should be the last thing on your mind. With the exception of you mentioning a house- the rest you can do without a million lol. If anything, you should invest funds so your money works for you.
This clip reeks of mid 90s. The peak of American cinema. A comedy with Dennis Leary and Chris Farley. Jim Abrahams from ZAZ. No wonder scripts were selling for millions. (Cable Guy money?) Biggest lesson I got: write 3-4 scripts per year and by your 7th script you'll master the craft. Time is money. Build a career. Personally, I prefer Bill Hicks over Leary... Who else wants to resurrect the 90s?
The 90s were the best time. Id like to sell a script so I can leave LA, haha. Any advice, friend? I’m all ears.
@@rs7458 Move to Mexico, work remote. The cost of living is lower and it feels like a more Hispanic LA. I'd personally choose the Caribbean front. Also, write and keep on writing. It's possible, how possible depends on your hard work and some luck. Fortune and Virtue...
@@juandager5220 thank you, friend. God bless you as well. ✌️
Is it totally one million will reach to the writer or there's a deduction like tax,fee or something like that
Expect to pay your agent 10% and your lawyer 5%. If you have a manager as well that is probably another 10% to 15%. Of course you have to pay your taxes like anyone else
Oh, expect a lot of taxes! You need a good accountant to legally deduct as much as possible. Talk to a tax expert before closing these deals. They may recommend setting up an LLC and other strategies.
🤔 I think for younger folks the career path... for 'long in the tooth' folks, the $1 million dollar sale. My use of the words, folks and long in the tooth, kinda tells about where I'd fit in this equation 😄🤣
I dont even know where I would put that check. I cant just put it in a pocket. Or backpack. Right?
Even in success keep grinding away
I really enjoy J A S. His book is a fun read so far.
Sounds like his agent got too greedy, quoting him too far up after selling that 800,000$ script. Interesting to hear him speak about that money with such an entrepreneurial mindset but not explain why he couldn’t have taken lower offers after selling that golden egg.
Exactly. His agent wasn't helping him build his career. He just had $ signs in both eyes. Greedy. Just greedy.
They never said it was bad to take the $1 million
Jeffrey talks about the negative aspect of the million dollar sale in the latter part of this video.
But did the scripts since then that didn't sell as well even though you thought they were "pound for pound" better than the hockey story, did they make you cry? 6:20 Is there an indescribable, uncharacterizable quality that is still recognized by the market for high earning scripts? Also, how many pounds is a good script, and how do I get my thumb onto the scale? For that kind of money, I would be able to quit my family and devote all my time to my job.
Whoosh crazy.
Is this a humble brag ?
I disagree i would do that only one time with something thats really good but ur not fond of urself then never do it again
I'm sorry, but what kind of lifestyle are you living where 800K is a 'bump' because what the actual f***? seriously? I haven't even made that much in my entire life.
Ever lived in LA? With $800k in California you're still middle class with taxes and cost of living.
@@juandager5220 then its time to move the f*** out of LA.
Take the million buy a house in the south and then you get to work on writing for the rest of your life.
Whatever you want to believe in your sheltered little life man...
Is definitely not my reality.
Much RESPECT for your gilded pathway, but I have less interest in your life experience as a result, I suppose.
Who knows?!
Wow man, no reason to hate… I mean what if that’s all he ever did was sell that one screenplay? I appreciate his honesty. Am I jealous? Hell yes.
Does this video have value to watch? I guess that’s up to each person
Hmmmm interesting
Listen here I would do literally anything for a cool million
I’d take a million, invest it, then live off of the dividends while I develop other work and not have to be stressed out to just survive.
Let me think about that. Nah, I can use the million. I sell it.
I'll take the million.
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