IP Means More Than Intellectual Property in China
Once I settled down in China, I discovered a few buzzwords that originated from the booming industry and knowledge in China, such as internet thinking, IP economy, Wanghong economy (internet celebrity) , and many more. You probably have never heard about these words in the rest of the world; however, some of these buzzwords may have similar meaning to other existing ideas or methodologies. They just don’t get a specific name to be presented and become well-known.
Speaking of ‘IP’, you may have no idea what it is. Thanks to my job, I could have an opportunity to get a better understanding of IP. What is IP? Where does it come from? The context? The future possibilities?
Definition of IP: Intellectual Property
First time when I heard of this word, it was at my last job of a digital marketing company. Frankly speaking, I thought of IP address in my mind. Apparently it is not. IP is the abbreviation of Intellectual Property often used in China. Intellectual Property is intangible assets created by human, like patents, copyrights, trade marks, etc. It’s not a new thing, but just we rarely call Intellectual Property ‘IP’.
IP Is Seen as Copyrights
Later on, IP has become a popular buzzword in China in past few years because they successfully shoot lots of TV dramas and movies adapted from literary works, especially web fictions. The merchandise of IP isn’t only film and TV entertainment but also mobile games and related products, which brings huge profits to company. People start to name these literary works, TV dramas and films ‘IP’. Here IP stands for copyright more, instead of all the types of intellectual property. Take Line for an example, it’s a messenger like Whatsapp, highly used in Japan, Taiwan, and some other south eastern Asian countries. At beginning, Line Friends are stickers often used in the conversation in APP. Then Line develops their merchandise and Line Friends Cafe, cartoon animation and so on. Even in China, people can’t use Line APP because of China internet firewall, Line is still very popular to Chinese people. It also opens cafes and sells merchandise to local markets. The merchandising of IP is so profitable and sustainable to the enterprise that it’s such a hit in China in recent years.
IP Economics Is Also Taken as Fans Economics
IP economics describes the phenomenon that profits are driven by IPs. Some people also call IP economics with Fan economics because the core monetization of IP is its fans consume IP-related merchandise like film, TV dramas, games, eg. So the way to select a better IP is take the one with tons of followers and adapt it to film, TV dramas, games or related merchandise to attract fans to consume them and cause profit. A corny example, Disney, lots of people out there are willing to spend their money for its merchandise, Disney park, cartoon and film. Tens of years ago, Disney gain likeness and money from fans all over the world through its IPs.
Definition of IP Broadens to Personal Branding & Company Branding
Nowadays, IP doesn’t stand for copyright only but also has a wider meaning in China. Some people think internet celebrities, popular food and restaurants are IP. It seems everything named with IP can bring lots of profit. IP even stands for personal branding or company branding. Some say Youtuber is IP, Starbucks is IP, pearl milk tea is IP and Tencent is IP. Almost everything could be IP. In my opinion, IP literally loses its original meaning and now it means something symbolic and profitable to people.
IP’s general definition are not only copyrights (literals, music, film, TV drama, innovation, etc.) , but also personal branding and company branding in China nowadays.
Ask People What IP Stands for
IP has its original meaning, intellectual property, then copyright, and then personal branding and company branding. Perhaps the definition of IP could broaden even further in the near future. Next time, when hearing Chinese people are talking about IP, try to understand them with the widest mindset or share ideas with each other first because probably you aren’t talking about the same thing ever since the beginning. So What do you think about ‘IP’? Feel free to share your ideas below.
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