It’s probably time to get to the question that many aspiring Screenwriters ask: What are the chances that I can sell my script?3
Even as recently as 10 or 15 years ago, some spec scripts sold for millions of dollars4. In particular, Talladega Nights ($4M) and Déjà Vu ($5M). But times have changed.
Especially as developing existing IP, or intellectual property, has been a steadfast Hollywood trend with no indication of winding down anytime soon, it has become more difficult for Screenwriters to get production companies and studios to take a chance on original material.
That being said, nothing is impossible. Especially for Screenwriters who have shown modest success with prior produced screenplays, the opportunity to sell a spec script exists. What is more likely, though, is the optioning of a spec script.
Script optioning is a more cost-effective way for Executives and Producers to get a feature film off the ground without spending millions of dollars for something that may not ultimately make it to the big screen.
As for the Screenwriter, the odds of being able to sustain oneself financially on the hopes of selling or optioning a spec script are not overwhelmingly positive, so it’s important not to put all of one’s proverbial eggs in a single basket.
While the chance to sell or option a spec script may have less-than-guaranteed results, in many ways it has never been a better time to write one. Why? Over the last several years, a plethora of contests and film festival competitions have popped up, allowing Writers to submit and potentially place in them5.
With placement in one of the more prestigious contests, an emerging Screenwriter might just get the kind of traction that could lead to getting not only a Manager or Agent but also a paying job!
Before going further, it’s important to note that not all competitions are the same and Writers thinking of submitting to one should do their due diligence to make sure the entity can deliver on what it promises.
However, contests like the Academy Nicholl Fellowships, which is hosted by the Academy Foundation and largely considered the most respected of all screenwriting competitions, can provide some highly beneficial industry attention for those that place well in it6.
Other competitions can likewise provide exposure to those with hiring, selling and optioning power in the entertainment industry.
For those who place in these competitions, it can be a great affirmation that they’re on the right track with their writing. For those that do not, don’t be discouraged! Screenplay writing is a highly subjective craft, and many successful Writers have had fulfilling and lucrative careers without a single contest win.