A spec screenplay (a.k.a. a spec script) is an original screenplay that a screenwriter conceives and writes themselves (or with a writing partner) with a view to selling it. With the help of a manager or agent, the spec script is given to several production companies or directly to a studio. In an ideal scenario, the script is well-received and an interested party purchases it. In an even more ideal scenario, several parties want to purchase it, leading to a bidding war and big spec sale.
The heyday of the Big Spec Sale is undoubtedly the 90s in which news of such sales were common in the industry trades and often created much buzz. This trend continued into the 00s, in which some of the biggest spec sales ever occurred. Not only did news of these sales help boost the profile of the writers, they created excitement about the project and acted as early promotion for the film. These sales also acted as inspiration for aspiring and beginner screenwriters. Maybe one day they’d write a script that sold for a lot of money…
But how much exactly?
I, myself, broke into the industry with a big spec sale, so this is something I’ve experienced firsthand. I’ve also done my research over the years and have a pretty good grasp on the spec script market. Below is my breakdown of how much spec screenplays have sold for in the past, as well as what they can sell for today.
The Industry Standard Spec Sale
The Writer’s Guild of America has financial parameters when it comes to how much a major production company or studio has to pay a screenwriter for a spec script. If it’s a low budget film (a production with a budget under 5 million), the WGA minimum for an original screenplay is $77,495 dollars. If it’s a high budget film (a production with a budget of 5 million or more), the WGA minimum for an original screenplay is 145,469 dollars. This is what’s referred to as “scale.” Note: see the WGA Schedule of Minimums for more information.
You might be thinking, ‘Hey! I’m not a member of the Writer’s Guild! Is this a problem?’
Don’t worry. Most likely, if you’re in a position where a major production company or studio wants to purchase your script, you’ll most likely be repped and have a lawyer by this point and they’ll help you to register with the Guild (at least that’s what happened with me).
In recent years, it’s been common for most screenwriters to get paid scale unless they have major attachments to their script (ie. an A-list director or movie star). Although the above figures aren’t exactly chump change, if you want to get as much money as possible for your script, you might have to let your reps or a production company take their time and package the screenplay with the necessary talent. This process can sometimes take months or even years.
However, if your script is successfully packaged, it can lead to a major increase in the purchasing price: high six figures or possibly more.
The Million Dollar Club
Being a member of this club, I can tell you it’s definitely possible to sell a screenplay for a million dollars.
That’s how much my co-writer Frederick Seton and I fetched for the first script we sold. The deal was actually for 1 against 2 million, meaning if the film went into production we would’ve received an additional million (this never came to pass, so we had to settle for just the 1 million).
And yes, the sale was the result of packaging (Jim Carrey and Jason Reitman were both attached to the script). We sold it to 20th Century Fox and the sale was the talk of the town for several years. It even inspired a subplot of the fifth season of Entourage in which E manages unknown writers with a hot spec script and it leads to a movie star attachment and the same deal we got (1 against 2 million). Although, in Entourage this fictional script became a fictional movie, Smoke Jumpers, so the fictional writers got their fictional second million.
Over the decades, there have been several spec scripts that sold for a million dollars: some get made into movies, but many of them don’t, falling into “development hell.” Regardless, if the writers are talented and have good reps, it can launch their career and lead to other deals.
The 2 Million and Above Club
As these amounts get higher, these deals become rarer, but there have been a handful of screenwriters that got paid 2 million and above for their specs.
An extremely strong spec script, The Game, written by John Brancato and Michael Ferris, sold for 2 million in the early 90s and led to the classic thriller directed by David Fincher and starring Michael Douglas.
Other spec scripts that sold within the 2 million range:
- Zookeeper by Jay Scherick & David Ronn
- A Knight’s Tale by Brian Helgeland
- Mozart and the Whale by Ronald Bass
The below spec scripts sold within the 3 million range:
- Medicine Man by Tom Schulman and Sally Robinson.
- Basic Instinct by Joe Eszterhas (you’ll see this legendary screenwriter’s name again)
- Jade by Joe Eszterhas (told you so and we’re not finished with Mr. Eszterhas yet)
- The Sixth Sense by M. Night Shyamalan.
- White House Down by James Vanderbilt
- Snow White and the Huntsman by Evan Daugherty
The below spec scripts sold within the 4 million range:
- The Long Kiss Goodnight by Shane Black
- Panic Room by David Koepp.
- EuroTrip by Alec Berg, David Mandel and Jeff Schaffer.
- Talladega Nights: The Ballad of Ricky Bobby by Will Ferrell and Adam McKay
Generally, 4 million appears to be the top price a screenwriter can get for a spec script, however, the highest sale on record is for Déjà Vu by Terry Rossio and Bill Marsilii. They received a whopping 5 million!
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For several years, there was a decline in the spec script market as studios were placing most of their focus on tentpole projects and established IPs (intellectual properties). With all the super hero films and sequels and reboots for time tested franchises, it was becoming increasingly difficult for a writer to sell an original screenplay.
However, there have been various industry trends pointing to a resurgence of the spec script market.
The most significant trend is less people going to movie theaters and relying more on streaming platforms for entertainment. This alone is leading to a higher demand for content and a different kind of content than what we were becoming accustomed to in a movie theater.
People are watching more thrillers and character-driven films, which makes sense: you’re sitting at home or lying in bed, and you want to get pulled into a story rather than have your senses bombarded for two hours. Also, with such an onslaught of IP-driven movies for the past few decades, there’s no doubt been a fatigue from it: many viewers want fresher and more original content.
Backing this up, there has been an increase in spec script sales in the past 2 years. Furthermore, there were even 3 big spec sales in 2024:
- Alignment by Natan Dotan (a previously unknown writer) sold to Fifth Season and Makeready for 1.25 against 3 million dollars. The script is described as a high concept AI thriller and Joe Wright is set to direct.
- Love of Your Life by Julia Cox sold to Amazon MGM Studios for 2 million. The script follows a woman’s journey of self-discovery after losing her husband to Covid. The project is moving forward with Ryan Gosling producing, Rachel Morrison directing and Margaret Qualley starring.
- Over Asking by Caroline Dries sold to Paramount for over 1 million. The script follows a seemingly perfect couple becoming entangled in a power attorney’s game, and it’s said to be in the vein of Paramount’s classic erotic thrillers of the past (e.g., Fatal Attraction, Sliver).
Speaking of erotic thrillers, it was recently announced Amazon and MGM Studios’ United Artists have acquired the rights to reboot Basic Instinct. And what’s so amazing about this deal is that Joe Eszterhas, the writer of the original movie, is being paid 2 against 4 million to write the script.
Now this is technically an assignment job, but since it’s a project that stems from Eszterhas’ original spec script, it’s worth mentioning. Plus it’s further evidence that the marketplace is favoring thrillers and a return to the more character-driven storytelling of the 90s.
So, if you successfully adapt to the marketplace and write a high concept script that balances character and story and thoroughly engages people, it might lead to a spec sale. And if it happens, that sale can lead to you getting paid anywhere from $77,495 to over a million dollars.
So get writing!