An annual study into global licensing has found that licensed merchandise sales amounted to US$241.5bn (€215bn, £158bn) for 2014, with ‘character and entertainment’ by far the largest cash cow, totalling US$107bn (€95.2bn, £70bn) in that category alone.

Of the sales for products bearing the images of cartoon characters, TV show references, sports team logos, colleges and corporate brands, 44 per cent were placed in the character and entertainment category, according to the data from the International Licensing Industry Merchandiser's Association (LIMA).

According to LIMA vice president Marty Brochstein, Disney's Frozen and Nickelodeon/Paramount’s Teenage Mutant Ninja Turtles franchises performed well among a younger audience, while the more adult market purchased merchandise in their droves from The Walking Dead, Breaking Bad and Game of Thrones.

Brochstein said 2014 had been a “very strong year”, adding that there is excitement for 2015 for brands such as Star Wars: The Force Awakens; Fantastic Four and Jurassic World and Avengers: Age of Ultron, with all films either released or about to be released this year.

This matches results from the attractions industry, with Frozen and Star Wars proving big business for Disney, while the Avengers IP is being applied to theme parks worldwide. Game of Thrones meanwhile is the basis of a tourism push for Northern Ireland, while The Walking Dead enjoys a strong yearly presence at Universal’s theme parks.

Following the character and entertainment category, corporate trademark accounted for 22 per cent of the sales, with fashion next at 12 per cent and then sports at 11 per cent. Rounding out the top seven were publishing, collegiate, and celebrity and music.

The US$241.5bn figure translated to US$13.4bn (€11.9bn, £8.8bn) in royalty payments. The US and Canada accounted for close to 60 per cent of global sales, while Europe came in at 25 per cent and Asia recorded 10 per cent of licensed merchandise figures.