Intellectual property licensing means granting other companies the right to use a game's characters, settings, or brand in exchange for royalties or fees. A successful game IP can generate revenue through movies, TV shows, merchandise, theme park attractions, board games, and cross-promotional deals. The IP itself becomes the product, and the game is just the starting point. This is why publishers guard their IP so fiercely and why acquisitions often focus on owning iconic franchises rather than the studios that created them.