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English definition of “royalty”


noun [C, usually plural]     /ˈrɔɪəlti/ (plural royalties)
FINANCE a payment made to a writer , musician , inventor , etc. every time something they have created or invented is bought or used by others : Gross royalties from university inventions dropped from $23.1 million to $16.8 million. a royalty payment Internet radio companies reached a 10-year music royalty agreement with copyright holders .
FINANCE, NATURAL RESOURCES, PROPERTY an amount of money paid to land owners when oil , coal , etc. is taken from their land
(Definition of royalty noun from the Cambridge Business English Dictionary © Cambridge University Press)
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