royalty collection

Royalty collection refers to the process of gathering payments made to creators or owners of intellectual property, like music, books, patents, and inventions, every time their work is used or sold. For instance, when a song is played on the radio, the songwriter earns a royalty. These payments are typically managed by organizations that track the use of the intellectual property and distribute the earnings to the rightful owners. Royalties ensure that creators are compensated for their work, promoting continued innovation and creativity in various fields.