What is a royalty?

A royalty is a payment made to an individual or company for the use of an asset. An example of royalties would be payments made to recording artists when their original songs are used for television. Royalties can be earned on books, music, minerals, franchises, and many other assets. Direction on how the asset can be used, where it can be used and payment terms are communicated in a licensing or royalty agreement.
See below for a list of great articles that explain music royalties in more detail.
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