1. A computer-implemented method for managing licenses for software installations on virtual machine instances in a networked computing environment, comprising: collecting, on a computer storage device, data pertaining to usage of a set of software installations on a set of virtual machine (VM) instances running on cloud resources in the networked computing environment; receiving a request for a license for a particular software installation of the set of software installations from a requester; determining whether the license is available from a license service; evaluating, responsive to the license being unavailable, whether the license is obtainable from a source other than the license service based on the data and a current configuration of the networked computing environment, wherein the evaluating comprises: determining that changes have been made to terms of the license in a particular geographic location, and determining that changes have been made to terms of the license based on a datacenter where the cloud resources are located; and responsive to the license being obtainable, allocating the license from the source other than the license service, with adjustments made based on the changes, to the requester.