The Next Chapter in the Licensing IndustryThe Next Chapter in the Licensing Industry
The impact of AI, the metaverse and other new tech is driving change.
October 31, 2023
The primary purpose of ChatGPT, blockchain, the metaverse, artificial intelligence (AI) and virtual reality (VR) is to streamline development and business processes, reduce costs, create more personalized content and transform human connection on a global scale. And even though these technologies are not fully developed yet, people are already seeing how they will impact and change all areas of day-to-day life.
Regarding the licensing industry, professionals are seeing more companies, such as Toikido, LEGO and Smurfs, making a presence on platforms, such as Roblox and Decentraland, through interactive games, online collectibles and videos. Plus, products have been getting to market more quickly through AI’s assistance in modernizing complex and time-consuming licensing negotiations and contracts.And with the recent release of LicenseSelector, the industry can expect another facelift. Developed by The BrandTrends Group (a global provider of market research and consulting services specializing in brand, lifestyle, and attitudinal trends), this software is a beautiful triad of generative AI, human knowledge and exclusive proprietary databases that will allow licensing businesses to focus valuable time on more strategic tasks and projects.
It will also support increasing the accuracy and efficiency when collecting data, automating licensing processes and assisting in discovering and unearthing new partnerships and brand opportunities. However, the best part of the software is its simplicity. All one has to do is make a query related to licensing or market trends, and the most accurate and up-to-date data will be presented.
“By using BrandTrends’ internal data, the risk of unreliable information is eliminated, ensuring the highest standards of accuracy,” says Philippe Guinaudeau, chief executive officer, The BrandTrends Group. “The beta version kicks off next week with selected companies, marking the beginning of a new era in data analysis. The industrial deployment is set to roll out in January 2024, with a subscription-based model making it accessible to a wider audience in the following months.”
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