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Franchise is like Spider-Man, Batman
IP: MCU
Franchise: Iron Man
IP: Star Wars
Franchise: Star Wars
In real life IP is the whole thing and Franchise is are the labels in this whole thing.
Disney is an IP Frozen is an franchise.
In the game I would say It depends on what you wanna do. When you just want to make many sequels then you should name your Franchise similar to your IP
Examples what I did:
I made a Movie "The Man with the Steam Clock"
I made many sequels of it and no spinoffs etc. and named the IP and Franchise "Steam Clock"
I think they made a mistake there it should be the opposite.
Besides there is another bug too. I made fan editions of my movies in the Back Catalogue this should boost them a bit to become a classic. but many of them ended up becoming a cult movie which didnt get boosted. this happened everytime. I guess this is a bug too