A licensor is an individual or organization that grants permission to another party, known as the licensee, to use a specific asset, such as intellectual property, trademarks, or technology. This permission is typically formalized through a legal agreement, which outlines the terms and conditions of the use, including duration, scope, and any fees involved. Licensors play a crucial role in various industries, including entertainment, software, and franchising. By allowing others to use their assets, they can generate revenue while maintaining ownership. This arrangement benefits licensees by providing access to valuable resources without the need for extensive development or investment.