monetize

Vocabulary Word

Definition

'Monetize' is all about making money. It describes how you turn something you have into a source of income or profit. For example, if you have a website, you can monetize it by running ads.

Examples in Different Contexts

Companies can monetize patents or other intellectual properties by licensing them to others. An IP lawyer might note, 'Our client is looking to monetize their patent through a licensing agreement.'

Practice Scenarios

Business

Scenario:

Considering the value of this asset, it's underperforming. We need to discuss some strategies.

Response:

I agree. Perhaps we need to develop a financial structure to better monetize the asset's value.

Tech

Scenario:

Our new mobile app is gaining users rapidly, but we're not seeing the financial return we expected. We need to brainstorm how we can drive more revenue.

Response:

That's a good idea. Can we monetize the app further by introducing a subscription plan for premium features?