Commercialisation is the process of bringing Intellectual Property (IP) to the market in order to be exploited: put simply, it's how artists make money from their creations. To maintain control and balance risk against rewards, creators often use license agreements to ensure their work is
Kensington Palace announced this week that Prince Harry and Meghan Markle are officially engaged, and are expected to marry next May. Before we dismiss the celebrations as just another celebrity extravaganza, it's important to remember that the upcoming nuptials will benefit the economy, too. This year, the British Monarchy generated £1.77 billion to the UK economy. This includes a £50 million contribution for fictional shows like The Crown and Victoria, which offer a glimpse into the mystique of the Royal family. The figure also takes into consideration £550 million from tourism: in 2016, 2.7 million people visited Buckingham Palace alone. When William and Kate married in 2011, the British economy was boosted by £2 billion, with £26 million being from Wills and Kate souvenirs and merchandise. Likewise for Harry and Meghan, brands and retailers will want to capitalise on the goodwill and excitement surrounding another Royal wedding. However, certain rules apply to businesses wishing to use images of the Royal family, or their associated symbols and phrases.