All Rights in Perpetuity in all media that currently exists or may be conceived

That phrase sounds a little like the Constitution, doesn't it? It isn't the Declaration of Independence, that's for sure. That phrase or something like it is becoming the standard request from media companies seeking to license your work, whether it's a movie, show, or five minute youtube video.

Media companies have a good a reason for that -- for example, they do not want to spend millions of dollars to license television rights for live major league baseball games only to find out that the baseball leagues are streaming games live on line to compete with them. Media companies have lost billions of dollars over the years through not anticipating future trends. Some movie companies didn't think it was worth the filing fee to renew copyrights on what they considered disposable entertainment, which is why so many films are in the public domain. In the early days of television the networks only licensed one play and one repeat for shows like "I Love Lucy," Just like the movie companies undervalued their films, the networks assumed sitcoms had no shelf life. Can you imagine the hundreds of millions CBS could have earned had they been able to negotiate a percentage of future earnings of "I Love Lucy?" Media companies are using this very broad language because they do not want to make that mistake again.

Should you agree to this? If you're just starting out you may not have a choice. Just recognize that this language eliminates any future earnings you'll have from the project, and sell it for as high a price as you can. As your work becomes more popular you will gain more negotiating leverage, and you may be able to retain some rights to your work. However, if you are going to retain certain rights make sure you can exploit them. For example, don't retain international rights to your show if you have no idea how to sell them. You may be better off taking a percentage of the ancillary income -- all sales made beyond the initial license. If your show becomes a theme park ride, shouldn't you get some money for that? You only will get that if you put it in your contract.

As I've said before, don't sign any agreement unless you've had your own entertainment lawyer review it. It will be more than worth the legal fees to make sure your rights are protected.