First Look Deal
An agreement giving a studio the first opportunity to develop or purchase a creator's projects.
Definition
A first look deal is an agreement where a creator, producer, or production company gives a studio the exclusive first opportunity to consider and acquire their projects. In exchange, the studio typically provides overhead funding, office space, and development resources.
First look deals don't guarantee the studio will make the projects—they guarantee the right to consider them before anyone else. If the studio passes, the creator can shop elsewhere. These deals provide stability for creators while giving studios priority access to desirable talent.
Why It Matters
First look deals indicate industry status and provide creators with resources to develop projects. Understanding these structures helps talent evaluate career options and negotiate appropriate terms.
For studios, first look deals lock up talent pipelines and prevent competitors from accessing hot creators' projects.
Examples in Practice
A creator's first look deal provides office space and development funds, enabling them to develop multiple projects with studio support.
A producer's first look studio passes on a project that becomes a hit elsewhere, demonstrating the deals' limitations.
A hot showrunner's first look deal commands $50M+ over multiple years, reflecting their value in the competitive creator market.