Licensing is a contractual agreement to extend a brand or intellectual property into different product categories for an agreed upon time period in particular territories.
The owner of the intellectual property looking to extend their brand into different product categories.
Brands, trademarks, artwork, characters, intellectual properties, etc
The renter of the property or trademark that pays a royalty to the licensor on every product that is sold.
Retailers purchase the licensed product from the licensee to sell in their stores or online.