Payments made to creators, inventors, or property owners for the ongoing use of their intellectual property, such as books, music, or patents.
From 'royal' (Old French 'roial', Latin 'regalis') plus '-ty' suffix, originally meaning payments to royalty for rights to use their lands or resources. Extended to intellectual property in the 19th century.
The concept of royalties revolutionized creative work by allowing artists and inventors to earn ongoing income from their creations rather than just one-time payments. This system essentially allows a book, song, or invention to keep 'paying' its creator long after the initial work is done, creating passive income streams.
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