In recent years, IP in the media franchising industry has obtained an overwhelming development in China. Internet giants BAT and small-sized cultural companies all follow the trend to join this wave. Based on the framework of SCP theory, the paper discusses the differences in the development of IP in the media franchising industry between China and Japan and finds out that in terms of market structure, China is dominated by the three giants of BAT network and small studios, forming a M-shaped structure. At the same time, Japan mainly has lots of small and medium-sized enterprises. In terms of market behavior, the IP licensing of China’s IP in the Media Franchising Industry tends to be a one-off sale or multi-copyright development within the group, while Japan operates all kinds of IP media copyrights through production committees. In terms of market performance, most IP licenses in China are sold at a time, and there is no systematic operation concept of IP. Therefore, although there are a few popular IP, they cannot have long-term and transnational influence. In contrast, the Japan production committee’s organizational mechanism determines the inevitability of the systematic operation of IP development across the media in Japan. Japan has developed several superior cultural products in the Media Franchising Industry.