Royalty management refers to the process of tracking, calculating, and distributing payments to creators or rights holders for the use of their intellectual property. This can include music, books, patents, and other creative works. Effective royalty management ensures that artists, authors, and inventors receive fair compensation for their contributions. In many industries, such as music and publishing, royalty management systems help streamline the payment process. These systems often involve software that monitors usage, calculates earnings, and generates reports. By automating these tasks, companies can reduce errors and ensure timely payments to all parties involved.