Role of Royalty Manager
For rights owners and concerned intermediaries such as record companies or publishing houses, collection and record-keeping of royalties receivable over Intellectual Property rights in a work is very crucial. It is the job of royalty managers to track royalties accruable in a license agreement, keep accounting records, furnish relevant advice, and coordinate timely payments of royalties.
A royalty manager is a supervisor or organizer that is in charge of calculating, collecting, and keeping records of royalties accruable to the owner or licensor of an Intellectual Property work. Royalties are periodical or deductible payments made by a licensee of a work to the licensor for every time the work is being used or sold.
The royalty manager can easily be likened to a line manager whose technical area of expertise relates to the royalties receivable by an organization or an individual. Many record labels, publishing houses, collecting societies, and individuals often employ the services of a royalty manager.
The details of the job include:
- Ability to interpret royalty agreements
- Calculation of royalties receivable
- Analyses of several streams of royalties
- Reconciliation of royalties accounts
- Record-keeping/ability to keep accounting records
- Monitor and oversee royalties accounts
- Devise standard and applicable practices to track royalties payable
- Internal documentation and with registration with appropriate government authority
- Collection of royalties
- Advise and work with other departments such as accounting, legal and so on.
The royalty manager can act as a supervisor in the collection of royalties. Most royalty managers work with accounting departments and often have royalty administrators as their superiors. In order to keep track of royalties payable to the rights owner, a royalty manager is often the answer.