So just how valuable is licensing cellular patents? Our previous Research Highlight touched on this topic, when charting the licensing revenue of Ericsson, InterDigital, Nokia, and Qualcomm. Throw in Huawei’s per-unit prices, and an investigation feels warranted. Taking the volume of phones sold annually and estimating the percentage of this revenue that is paid to IP holders, we can quickly create a very high-level model. What the graph suggests is that based on an average sales price that grows from around $229 to $279 through the period, the annual sales revenue for smartphones is around $369 billion annually. The secondary axis suggests the revenue generated by IP licensors would have grown from some $8.37 billion to $9.77 billion in this…