Royalty can refer to different concepts. In a financial context, it is a payment made to an owner for the ongoing use of their asset, such as patents, copyrighted works, or natural resources
. This payment is typically outlined in a licensing agreement and is often a percentage of the revenue generated from the use of the asset. For example, musicians receive royalties when their songs are played or used in various ways. In a more traditional sense, royalty can also refer to royal status or power, or to persons of royal lineage
. It can denote sovereignty, a right of jurisdiction, or a share of the product or profit reserved by the grantor of an oil or mining lease
. Therefore, the term "royalty" encompasses both financial and monarchical meanings.
