Rights and royalties management of RSG media
Rights & Royalties Management
The essence of royalties and rights management cannot be overemphasized if IP creators and owners are to be well compensated for their intellectual labor. Thus it is not just enough to be aware of rights and royalties due to a person but to also seek effective management so as not to lose revenue.
Royalties are simply the payments due to an intellectual property owner for the rights on such intellectual property (IP). The basic idea behind rights and royalties is that intellectual property owners deserve compensation and consultation over their intellectual investment and creative works.
Owners of intellectual properties such as music, books, painting, trademarks, patents and so on, have entitlements over these properties which are known as rights. They have both economic and moral rights over the properties such that, anyone who desires to make use of these properties would have to pay royalties for these rights to the owners.
However, it is obvious that the basic goal cannot be achieved without proper management and this is the essence of Rights and Royalties management; to ensure that the rights of IP owners are respected and the royalties for them are properly paid to the owners when due.
Rights management involves understanding what rights are owned by the IP owners, rights that are due for expiration and exploration of new opportunities before expiration.
On the other hand, Royalties management involves calculations of both simple and complex royalties, ensuring prompt and regular payments, preparing royalties statements and many more.