Netflix is adapting The Three-Body Problem, Disney+ is adapting Percy Jackson And The Olympians, Apple TV+ is adapting the Foundation series, and on and on…The streaming wars have created a new battlefield in the entertainment industry: The quest to secure rights to popular books. (The phenomenal success of Game of Thrones, adapted from George R.R. Martin’s A Song of Ice and Fire books, probably didn’t hurt, either.) Studios, streamers and networks are on the hunt for great intellectual property to adapt into series and movies, and the ready-made content offered by books is a great place to start the search.
A recent ScreenDaily feature story dives into the issue, with agents and producers exploring the quest to secure rights in a highly competitive market. His Dark Materials executive producer Jane Tranter compares the fight to “sharks circling a baby seal,” noting that “there is an absolute feeding frenzy.”
Hollywood is scrambling to adapt popular books into movies, series
In the past, securing book rights might mean spending something in the low four figures, but according to Jill Gillett, co-head of the book-to-film/TV division at WME, “some of them are now in the high six figures.”
Massive properties like The Lord of the Rings can command even bigger numbers. Amazon pushed the envelope when it paid $250 million for the rights to the franchise, which it’s now adapting as a TV show.
The upside to acquiring book rights is that studios don’t have to worry about licensing because they’re working directly with the authors or their representatives. It also comes with the possibility of expansion. Netflix’s deal with Bridgerton author Julia Quinn is a great example of how book rights can lead to a larger universe. Executive producer Shonda Rhimes is already planning original stories set within the world of Bridgerton that are wholly unique to Netflix, so that even when all eight books have come been adapted, there will still be stories to tell.
The lure of finding books to adapt is a global affair. “Right now, people – particularly the streamers – tend to be looking for very propulsive, entertaining fiction,” Gillett said. “We are always on the lookout for what can play internationally, even though it’s firmly rooted in the United States and it’s an American production.”
With so many books arriving on shelves each week, there is an endless supply of possibilities for studios and streamers. The challenge is finding the next big property that will take off the way Bridgerton did for Netflix. The streamer is hoping that their upcoming adaptation of Sarah J. Maas’ A Court of Thorns and Roses will hit big with audiences, given that Mass’ work comes with a ready-made fan base.
As streaming numbers continue to rise, expect to see more book adaptations than ever before. The market is hot, and studios are willing to pay up to ensure that they have exclusive rights to what they hope is the next big thing.
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