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English definition of “royalty”

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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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