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Copyright is an intellectual property (IP) right, similar to tangible property rights, allowing for the transfer of rights. The lecture focuses on licensing versus assignment of copyrights. An assignment involves the copyright owner selling their rights to someone else, who then becomes the new owner. Note that the new owner may not always be the original author, as rights can be obtained through assignment. In contrast, a license allows the copyright owner to permit another party to use the work without transferring ownership. Thus, licensing and assignment represent different ways to manage copyright usage and ownership.