Intellectual Property (IP)
From ForcaWiki, the simple encyclopedia
| In one sentence | The creative, one of a kind parts of a movie or other work, like its story, characters, dialogue, and even props or locations, that make it uniquely itself. |
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| Category | Film and Television |
| Related | Chain of Title, Asset, Ancillary Revenue |
Think about your favorite made up character, maybe from a book, show, or game. Nobody can just take that character and use it however they want without permission, even though a character is just an idea, not something you can hold in your hands. The idea itself is treated as something somebody truly owns.
That is exactly what intellectual property, usually shortened to IP, means. It is the creative, original parts of a movie or any other work, things like its story, its dialogue, its characters, and even specially designed props or locations, that make it unique and different from anything else. Unlike a truck or a camera, you cannot hold intellectual property in your hands, but it can still be extremely valuable, and it can still be owned.
Why it matters so much in movies
A film's intellectual property is often its most valuable Asset. Making sure a studio truly owns, or has proper permission to use, every piece of a movie's intellectual property is a huge part of what a Chain of Title proves. It is also exactly what gets licensed out for toys, video games, and sequels, the kind of Ancillary Revenue that can end up earning more than the movie itself.
Fun facts
- A studio can own the intellectual property behind a character for decades, letting them make sequel after sequel long after the original film came out.
- Intellectual property is protected by law in a few different ways, including copyright, which is one of the pieces tracked in a movie's chain of title.
- Two different studios can sometimes end up in a legal fight over exactly who owns a piece of intellectual property, especially when an old contract was not written clearly enough.