What does having an "option" mean (in publishing or in the film business)?

Question

I've never understood what having an option meant, like when a publishing drops your option for your book. Or "Symone also has signed an acting and producing deal with Disney that includes a guaranteed pay or play on one movie, with an option for a second. It is uncertain whether "Babysitting" will be part of that deal."

When option is used this way.

Any help would be appreciated.

Answer 1

An option is a legal right to do something. If you have an option to produce a movie, no one else can produce it while your option is open. You usually pay for an option. Then no one can produce (or whatever the option is) the movie while you decide if you can get the financing, actors, etc that you need. If you decide you do not want to exercise your option, then you can let it lapse. The project is then open for grabs to others who might be interested.

Sometimes having an option can be like having gold. If you have an option on a book, to make a movie and the book becomes a run-away best seller while you still have the option, you are in the money. Then you could sell your option if you do not want to exercise it.

Answer 2

it usually means you have the option of droping out of the agreement
ie:like when a publishing drops your option for your book, it means your book aint gettin published anymore.
It can also means that an agreement can be amended ie: an actor has the option of being in the sequel or be replaced.......
what it boils down to is it's a way out of a bad deal or into a better deal for one or all parties