Cricket hits a six in the licensing market
Cricket has changed over the years; it was once perceived as a slow and drawn out game lacking entertainment and excitement. However, fast forward on a couple of decades from the era of Michael Atherton et al, we have the introduction of new formats, such as the T20 and IPL, which has re-invigorated cricket. Fast paced formats, fireworks, colourful kits, and crowds chanting Neil Diamond’s ‘Sweet Caroline’ has elevated cricket to new heights in the sports entertainment sphere. Naturally, with success and brand recognition, comes the ability to achieve financial rewards to fuel future growth.
The collective reach of the 2019 World Cup was 514 million; with increasing popularity in the sport, the International Cricket Council, as well as private corporations such as the Indian Premier League, have seized the opportunity to cash in on cricket’s new image, through the licensing of intellectual property. Broadcasting rights are at premium across the globe, with broadcasters fighting for a slice of the pie to satisfy their subscription and advertising needs. Cricket has now shifted its image from a sport for the privileged, to a ‘global brand’, funded by lucrative licence agreements.
The licensing of broadcasting rights is an obvious revenue stream in sport, but your business can also benefit from licensing:
1. Licensing your design rights to a manufacturer to use on clothes, cushions, and home wear 2. Licensing your software code to a publisher (see: Case Study – Games Development – publishing deal – Briffa Legal)
3. Licensing the use of your brand name for use by third parties (franchising)
A licence agreement grants permission to a third party to use your intellectual property under agreed terms, but you will retain ownership of the intellectual property. Therefore, it is of great importance to define the terms of a licence agreement which should seek to cover the following, as a minimum:
1. The term of the licence agreement
2. Where the intellectual property can be used (jurisdictions)
3. How the intellectual property can be used
4. The royalty fee to be paid to you
5. If the licence is exclusive or not There are a variety of commercial agreements that your business may need (IP Contract Services | Briffa Legal) and we recommend taking advantage of our free, 30 minute consultation, so we can assess all your bespoke needs.
Written by Raj Girn, Solicitor