(Sorry, I meant to post this much earlier. It's a draft I thought I lost.)
If your wondering what a spec script is, it's a script (or screenplay) for a new movie from an aspiring screenwriter who has not previously sold a script to a Hollywood production company. "Spec" is short for speculative. In other words, this is your speculative hope that your script is possibly just worth something in the eyes of a production company that actually has the money to make this dream into a living and breathing movie.
It's akin to breaking the bank. Although I don't think that's a fair analogy. In my opinion, if you're a good writer, screenwriter in this case... if you build it right, they will come. Not too long ago, it was estimated that only about 1 in 20 screenplays ever get purchased (and less of those actually make it off the dusty shelves where they wait to be born someday). But hey, I think those are actually pretty darn good odds. I'm sure hoping so anyway.
But enough about that for now. Who sold what to whom?
Andrew Will sold his spec script Archangel to New Regency and Scott Free Productions. It's the story of a group of covert agents who battle aliens secretly living among humans. It's being hailed as "a Bourne-style tale with a science-fiction twist." Okay, well see... kind sounds familiar.
AND
Colin Trevorrow sold his spec script World War X to Warner Brothers to set up with Silver Pictures. It's the story of a man who is recruited by government agents in order to stop a terrorist from the future who has the ability to time travel in order to reshape history. Hmm.. I think I might like this one a little better.
Well, just have to wait and see won't we. Remember, you can have a great idea and blow it in the making (or the writing for that matter) and you can have a very basic idea and make it terrific in the writing of it.
As the saying goes "It's how you say it." For us writers out there, to be more specific "It's how you write it."
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