Aquiring rights

BEFORE I EVEN DESCRIBE MY PROBLEM:
I have barely dipped my toes into filmmaking, and will not be able to do anything described below for a long time, moneywise. Eventually, when I have made some short films and I feel good about myself as a filmmaker, I will try to get financing for this. I just want to know everything now.
OK, HERE WE GO

For my first independent feature (again, wont be for a while, years at least), I want to adapt a certain well-received, popular video game. I don't want to say what game it is right now, but it is pretty small-scale I believe that I could make it into a film with a very small budget. (I'm not trying to make a Michael Bay thrill ride here.) I have begun writing the script, but before I get too invested in this project, I need to make sure it's legal. Also, while no studios have openly confirmed they are interested in this as well, it is popular enough that at some point in between now and when i make the film, the rights could be sold. I was hoping somebody could explain how the whole rights system works, and how i would be able to purchase them, I intend to do so as soon as possible. I was going to write a formal letter to the software company negotiating a price, is this what I should do?
 
Yes. You can also "option" the rights for a specific time period - say 5 years - rather than outright purchasing them. For an option, you typically pay 10% of the full price, the balance to be paid if/when the project gets off the ground. If it hasn't come together by the time the option expires, the rights revert back to the creator, or you can renew the option.

You imply that you've already confirmed that the rights are available. Is that correct? If not, that's step one.

Next step would be to draft an inquiry -- probably best done via an entertainment attorney.
 
It does depend on which company you're dealing with and what role you're performing. This assumes you're talking a producers role:

The larger the company, the less likely they're going to deal with you in that formal capacity. With the attitude of Hollywood at the moment and the tastes of what they want to make, they have an eye out for intellectual property they can use to launch a franchise.

Unfortunately, unless its a small time gaming company with a small title, they're not going to want to deal with you since you're not going to be able offer them A). Cash up front (usually a larger amount than most independent filmmakers can acquire) or B). Studio backed advertising in the tens of millions.

If the game already has millions of users, its likely that Hollywood has already look at it already.

If you go ahead with it anyway, call them up and ask who's the best person to talk to about acquiring the filming rights to their video game. Who knows, you might be pleasantly surprised.

If just a writers role, you've put the cart before the horse. You can write your script, but be prepared to be bent over a barrel as you don't own the rights to make derivative works.

You're better off finding different inspiration where you can control the rights to what you write.
 
I intend to direct, write, and produce if that helps.

Ok, I'm probably getting too far ahead of myself. I want to know what I am going to do before I do it. I have only started the script, but I have planned the story in my mind, as well as the message I want to capture. As for the software company not catering to independents, I plan, when the film is done a long time from now, to take it to some of the big festivals and if it does well, try and get a theatrical release. Very unlikely, but of course, I haven't even begun the film yet, I have no idea what will happen.

I am pretty sure that the rights are availible. If they have been sold, it has not been publicly declared. I do know that no films or tv shows have been made or planned to be made based off of any game by this developer, with the exception of a short film that was not licensed based off of the same specific game. (This short film had a hand in inspiring me to make a feature.)

I mainly made this post to be prepared. I have everything I need to make films except the money. With the money will come the experience. And with the experience will come my video game feature. I was mainly just interested in keeping other interested parties off of my future project.
 
Just because nothing has been made yet, does not necessarily mean the rights are available. Many properties are optioned, but never produced. Once again, I highly recommend finding out before you waste a lot of time developing a project.
 
I have begun writing the script, but before I get too invested in this project, I need to make sure it's legal.
Seems like you are thinking along the correct lines.

While it’s technically illegal to write a script based on a property (in
this case a video game) you cannot get into any legal trouble for
doing so. You have already thought of the possibility that in the
years it takes you to put everything together someone else will
get the idea and option the rights. It might even be someone
directly connected with the game. Movies from video games can
be very lucrative - it seems unreasonable to think the makers of
the game haven’t considered a movie somewhere down the line.
I was going to write a formal letter to the software company negotiating a price, is this what I should do?
2001 has touched on the option agreement. That might be your
best option at this point. Contact the company and inquire about
optioning the movie rights. Even though no studio has optioned
the rights (as far as you know) there might be other producers
who have. In order to know for sure you need to contact them. It
might not be worth your time to write a script if you know that
already there is interest from non-studio producers.
 
From what I can see, your best bet is to work out what you can offer them that has more value to them than the money they'd possibly make from licensing the rights to you and then try to option the property for $1 for x amount of time (with an option (or two or three) to renew at your choice).

Put yourself in their shoes. What can you deliver that they cannot already get?

And good luck!
 
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