Intellectual property (IP) is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized under the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.
Considering that the IP refers to intangible assets the examples could include content of a movie, television program, software programs, etc. At issue normally is the ownership of the intellectual property as possession of a virtual entity such as computer software does not necessarily constitute ownership of it or rights to it's duplication and distribution.