Individuals can utilize their own names, likenesses and reputations to make money. This often occurs through licensing and endorsement deals, which can garner huge contracts. Yet, in order to ensure one gets a fair shake in these agreements, they need to understand exactly what their endorsement is worth. This can be a challenging task, but it can be a much higher figure than many imagine.
Intellectual property can carry a significant amount of value. A brand can be distinguished by and build a reputation on its trademarks, and copyrights and patents can be a major source of income.
Many of us remember the Choose Your Own Adventure books that were popular during the '80s and '90s. Most people don't realize just how wildly popular the series has been, though. The fact is that the series has sold more than 265 million copies worldwide. This means that the intellectual property associated with Choose Your Own Adventure has significant value. This is why the series' publisher recently filed a trademark lawsuit against Netflix for its film Black Mirror: Bandersnatch.
Among the things that can have major economic implications for songwriters and other individuals in the music industry are copyright matters. So federal copyright law regarding music can be very impactful for these entertainment professionals. Such law could soon be changing. This is due to a bill the U.S. Senate passed last week.
Companies interested in leveraging market trends rely on intellectual property licenses to protect their rights and interests. These IP licenses constitute the very backbone of entrepreneurial and corporate profitability. Unfortunately, far too many IP firms base their client's needs on lazily constructed templates that may not fully articulate the nuances of the specific intellectual property.