Licensing

Question 1

Define licensing

Answer 1

An agreement which gives a company the right to use another’s brand name, patent, or other intellectual property for a royalty or free

Question 2

Describe licensor and give an example

Answer 2

The company or individual granting the license
Ex. Toronto Raptors (jersey)
Ex. Sony

Question 3

Describe licensee and give an example

Answer 3

The company or individual paying for the rights to use the licensors name or property
Ex. Nike (jersey)
Ex. Funko POP

Question 4

Define licensed products

Answer 4

Goods or services that legally use logos or images owned by the other companies or people

Question 5

Explain how licensing and royalties work in the music industry

Answer 5

A songwriter and publisher of a song may charge a licensing fee when an artist and label want to record that song
Artists, writers and publishers receive royalties, or a percentage of record sales or fees

Question 6

List the benefits of licensing for sports organization

Answer 6

Reinforce image
Built team spirit

Question 7

List the benefits of licensing for Companies/Licensee

Answer 7

Profit
Build presence through merchandise
Reach a new audience

Question 8

List the benefits of licensing for mutual advantages

Answer 8

Publicity
Revenue
Brand awareness