Do you want to know if content creators are entitled to royalties? There are lots of talks about Intellectual Property Protection in the modern age. IP protection generally involves the protection of a creator/author’s intellectual assets. This may be in the form of copyrights, patents, trademarks, etc.
One of the offshoots of patentable rights is the royalties that accrue to the patent owner. So, this article discusses royalties within the context of intellectual property. Also, it examines whether royalties matter to content creators.
What are Royalties?
Royalties are legally binding payments made to an individual or company for the ongoing use of their assets, including copyrighted works, franchises, and resources.
In other words, where creators such as artists license out the use of their intellectual products, the revenue derived by the licensee or some part of it belongs to the original creator. That’s a royalty.
Are Content Creators Entitled To Royalties?
Royalty entitlements are generally under contractual arrangements. The parties involved makes the contract.
Here, a licensing agreement is typically made and the licensor, usually the content creator licenses the other party, the licensee the use of the IP creation specifying the royalty due and the mode of remittance.
Royalties are mostly employed in the music industry. Artists, artistes and similar art creators obtain royalties for their creations. This is a binding agreement based on the law of contract and as such all vital details that readily apply to contract would apply.
Importantly, as a content creator whether you are a music artiste, an artist, NFTs creator, or any other type of content creator, you can create a licensing arrangement that would be inclusive of royalties due to you when you license out or franchise your IP creations.
References
- Caroline Banton, “What is a Royalty? How Payments Work and Types of Royalties” available at https://www.investopedia.com/terms/r/royalty.asp#:~:text=A%20royalty%20is%20a%20legally,%2C%20franchises%2C%20and%20natural%20resources accessed on August 15 2023
- RoyaltyRange, “Intellectual Property Royalties – Everything You Need To Know” available at https://www.royaltyrange.com/home/blog/intellectual-property-royalties-everything-you-need-to-know accessed on August 15 2023
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