licensing is a contractual strategy where the firm offers some proprietary assets to a foreign company in exchange for royalty fees
A license is a formal authorization or authority to do, use, or possess something. A license is provided by one party to another as part of a contract between those parties. In the case of a government license, the license is obtained by applying for it.
Licensing agreements produce cash, known as royalties, for a company in exchange for enabling another company to utilize its copyrighted or patented property. Songs, sports team logos, intellectual property, software, and technology are all examples of things that can be licensed.
A corporation using the design of a popular figure, such as Mickey Mouse, on their products is an example of a license.
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