Creative and entertainment organizations are turning increasingly to intellectual properties to help them create engaging experiences and attract large audiences. In 2021, 74% of U.S. box office revenue was tied to franchises and 43% of Broadway musicals were based on intellectual properties (such as a book, a movie or the life of a well-known personality). IPs are also at the heart of many theme parks and attractions, drawing in millions of visitors each year.
Entertainment producers are using intellectual properties to gain a competitive advantage and drive new revenue opportunities. IPs also play a strategic role in reducing the level of risk in a highly unpredictable and volatile industry. However, the rights can be expensive and not every IP will suit every project.