The term "licensed properties" refers to intellectual property or characters that have been legally authorized for use by a company other than its original owner. This can include anything from popular cartoon characters on children's clothing, toys and merchandise, to well-known brands on consumer products. The licensor grants the licensee permission to use their intellectual property in exchange for royalties or fees. Licensed properties are often seen as a way for companies to capitalize on popular characters or brands without having to develop them themselves.