Lengthy earlier than 3 Idiots turned a record-smashing hit, Chetan Bhagat was a banker with a aspect ardour for storytelling. His debut novel 5 Level Somebody (2004) modified that trajectory, finally catching the eye of filmmakers and opening doorways that might lead him away from finance and into full-time writing.In a latest dialog with Kushal Lodha on his podcast, Bhagat mirrored on how promoting the movie rights to three Idiots become a defining second in his profession — each creatively and financially. He revealed that he was paid Rs 1 lakh upfront, with a further Rs 10 lakh bonus promised upon the movie’s success. “We had settled for a Rs 1 lakh contract for 3 Idiots, with an settlement of a Rs 10 lakh bonus. And after the success of the movie, they did give me the bonus,” he shared.Whereas 3 Idiots, made on a Rs 55 crore funds, went on to gross over Rs 350 crore worldwide, Bhagat’s complete earnings had been Rs 11 lakh. However the writer says he has no regrets.“I used to be fairly new then. Later, such rights had been bought for crores. However after I bought the rights, I didn’t even know if the movie would ever be made—it was an unconventional story. No person imagined Aamir Khan would do it. So I believe, at the moment, I used to be paid pretty. I do know it sounds small in comparison with what the movie made, nevertheless it was truthful for the state of affairs,” Bhagat mentioned.
‘In comparison with actor charges, my deal made sense then’
Bhagat recalled that again in 2005, when the deal was struck, writer rights had been nowhere close to as profitable as they’re at present. “Vidhu Vinod Chopra was additionally making Parineeta then. I can’t verify the numbers, however I used to be advised Saif Ali Khan, the lead actor, was being paid Rs 25 lakh. So comparatively, Rs 11 lakh for a profitable movie appeared truthful,” he mentioned.He additionally talked about that 5 Level Somebody had already discovered a readership by the point he bought the rights. “The guide got here out in 2004, I bought the rights in 2005, and the film launched in 2009. I used to be nonetheless working at a financial institution then,” he added.
‘I all the time select fastened funds over profit-sharing’
Having later seen a number of of his books tailored for the display, together with 2 States and Half Girlfriend, Bhagat defined why he prefers one-time funds as a substitute of revenue-sharing fashions. “You promote the rights for a hard and fast quantity. You get a part of it prematurely, one other half when the studio greenlights the challenge, and the remaining earlier than launch. It’s a hard and fast fee,” he defined.He added, “It’s higher to debate cash upfront somewhat than fall for variables. Most manufacturing homes are personal corporations, and even when the movie earnings, they typically present it as a loss. With my finance background, I’ve all the time most popular fastened funds over variable ones.” Giving perception into the mechanics of adaptation offers, Bhagat mentioned, “While you promote the rights, it’s often for 3 years. In the event that they don’t make the movie in that point, the rights revert to you. Usually, in the event that they do proceed, they pay you extra, after which the rights stay with them completely.”