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AFAIK, it goes like this...
Licensor sends over a style guide. Style guide has colors, images, fonts, etc. that are acceptable for usage. Example layouts, etc. Some are hi-res, some are not. Designer can't deviate too far or at all from the style guide. Designer realizes some images that were supplied will work, and some will not. Designer follows style guide and doesn't get too far from the source material. Designer's hands are to a degree, tied. Designer can try to get outrageous and take chances with the material but more often than not you end up right back at the style guide. THE END.
Wiliams back in the day was doing some bad ass stuff. It's actually mind blowing to think about. They didn't really follow what today would be considered a style guide. They were creating ORIGINAL art from scratch. Sure they followed some guidelines and had to get approvals. BUT, they were creating this art and paintings from fucking scratch. THAT'S NUTS. HOWEVER, they had to do it that way. They were silk screening everything. That's really sick and amazing compared to all the cookie cutter licensed products on the shelves these days. Stern's pins, right now, are being designed no differently than a box of Dora cookies on a grocery store shelf. The licensor gives them fonts, colors, images, etc. They choose how to arrange it. That's it. They are moving pictures around. Williams was actually creating original art for their pins. From scratch. HOWEVER, Stern has done some pins with original art. Look at The Simpson's Pinball Party. That's all original art created for that pin. That's not clippings from episodes. It's original art that was made specifically for the pin. I think Family Guy is the same. But, Avatar, Tron, etc. IS NOT. They simply used images/photographs they were given from the licensor and arranged it. So, it looks a little uninspired compared to all the other licensed products out there. Stern was probably given the same exact style guide that Spinmaster was given for the Toys. So, the look is consistent, but it also makes the pin seem less exciting/original. If Williams was still making pinballs today it's possible they would be taking the same approach. So, who knows.