If we diagram this:
1. PS (Successful Play) ---> AM (Adapted movie) or RDF (Revived decade festival)
Contrapositive= -AM + -RDF ---> -PS
But the conclusion is saying a mistaken reversal of the contrapositive:
-PS --> -AM + -RDF.
Totally. Now we just have to navigate the answer choice language to find a match. We know what the flaw is, and can predict that it will likely be called a necessary/sufficient error, a causal error, or something along those lines.
For (A), we need only check out the first half: "fails to draw conclusion X." Which conclusion should the argument have drawn? None! Given the fact that the play is not successful, we can conclude nothing, as you proved above. Therefore this choice is not a match.
(B) is way out of scope
(C) is not even close.
(D) is not a match -- success is defined as one of these two venues, beyond those two is irrelevant to this argument.
(E) is really confusing to read. It could be translated as:
"fails to consider that there might be another way, other than success, for the play to be adapted or revived."
or
"assumes that success is the only way the play can be adapted or revived."
or
"mixes up sufficient and necessary conditions."
More specifically, match the individual parts of (E) to the argument. "the play's not satisfying one sufficient condition" = "the play is not successful," because success is the given sufficient condition, and we know the play is not successful. Therefore, the sufficient condition has not been met. So far so good.
"Does not preclude its satisfying a different sufficient condition" = "there might be another sufficient condition (ie another means of being adapted or revived)." True. This another way of saying "mistakes a sufficient condition for a necessary one." It's a match!
Hope that helps!