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understandable that most people cling to their content without really thinking about trying to turn it into a revenue source.
Let’s assume a party has some form of intellectual property of incredibly value. Let’s assume another party has an audience that it thinks would be receptive to the property or, alternatively, it would just like to use the property. How can these two parties get together? Simple, the creator of the intellectual property can license its use to the second party. As you’ve probably guessed by now, you can be either of these parties.
What is a license? In the vein we are discussing, it is a written agreement that allows a second party to use the property of the first in exchange for some form of payment. Let’s assume I am financial planner. I have uploaded hundreds of videos discussing tax issues to my site. You know – how to cut your taxes, new tax deductions this year, the Bush Tax Cuts and so on. When tax season rolls around, there are going to be a large number of sites looking for content. I could negotiate with larger sites to let them use my content in exchange for, say, money, links, free publicity or whatever. This is licensing at its core.
Now you are probably thinking you already do this to some extent. It is true. The web has revolutionized the licensing game in many ways. People just write and post free content like mad to sites like EzineArticles.com, YouTube, Facebook and so on. Ah, but are they really giving away this content for free? No! They are providing it in exchange for things such as links, access to a huge audience [YouTube] or whatever. In fact, most of these sites contain licensing language that you agreed to when you signed up for them.
Can you license just any old thing? Well, yes and no. Legally you can do so, but who is going to pay for this article for example when there are millions of legal articles available on the web? As painful as it is to my ego, I must admit that not very many people will. No, it is only when you have something of real value that people desire can you pull off a licensing deal on the web. The current area that is hot in licensing is video content. Who knows what it will be next week.
How exactly do you go about licensing something? You need to obtain a custom licensing agreement. That means retaining an attorney. Ah, you just knew there had to be a catch!
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