Key Takeaways:
– George Lucas gave up a large portion of his director's salary to acquire Star Wars merchandising rights.
– Star Wars merchandise generated over $100 million between 1977 and 1978.
– Today, Star Wars licensed toys bring in up to $3 billion a year.
George Lucas's Remarkable Star Wars Bet
Back in the day, movie merchandising was not taken seriously. In fact, the idea seemed pretty foreign to movie studios. This, however, didn't stop George Lucas, the creator of Star Wars, from making a bold move. He traded a significant part of his director's salary for the rights to all Star Wars merchandise and sequels. This incredible story shows how a risk, if properly calculated, can turn into a success beyond one's wildest dreams.
A Strange Concept of Movie Merchandising
At the time Star Wars was launching, the concept of selling toys based on movies was unheard of. Even for Lucas, turning movie characters into toys took more time than making the movies themselves. Yet, he saw potential in this unorthodox idea and decided to commit to it. That's when he turned to Fox, which was on the verge of bankruptcy. With nothing to lose, Fox agreed to Lucas's proposal.
A Deal That Revolutionized Movie Business
In what seemed like a peculiar agreement, Lucas accepted a reduction of his salary as director from $500,000 to $150,000. However, in return, he gained control of all the merchandising and sequel rights. And my, did that decision pay off!
Between 1977 and 1978, Star Wars sold over $100 million worth of toys, making this deal one of the most valuable in movie history. Fox's gamble also ended up saving it from bankruptcy, making it a winner all around.
Star Wars: A Merchandising Giant
What was considered an unusual deal then is now seen as a genius move. Today, Star Wars merchandise is a hit, raking in up to $3 billion a year. The franchise has even earned a spot in the Guinness World Record for the most successful merchandising franchise.
Balancing Filmmaking and Merchandising
Despite the incredible success of the Star Wars merchandise, Lucas always maintained his love for filmmaking. He never let his interests in the toy empire overshadow his passion for directing. He made it clear that while it's fun to have all the gadgets and toys, his real focus is making the movies.
And he's stayed true to his word. Even with the whirlwind success of Star Wars, both on the big screen and in toy stores, Lucas remains a devoted filmmaker, surprised and humbled by the extraordinary success of his creation.
Conclusion
This story about George Lucas and his incredibly profitable Star Wars deal is a reminder to us all. Even when an idea seems out of the ordinary or even strange, if you believe in it, you should pursue it. Sometimes, it's those unexpected ideas that end up being game-changers, just like selling toys based on a movie franchise. George Lucas's bold decision demonstrates the power of creativity, innovation, and taking calculated risks.
