Licensing a platform is a terrific way to generate revenue. We struggled to gain an audience to our site and didn't have the funds to market as heavily as we would have wanted.
In came the offers to license. Margins were tighter, but the exposure to new customers made a world of difference.
The first question you need to get clarity on is what does success look like for you? Once you have the answer to that question then you can use that filter to evaluate pros and cons.
Don't look for pros and cons until you have decided what success looks like for you.