There are three types of royalty software;
1. Royalty Software
Royalty software calculates royalties owed to royalty recipients (authors, artists, etc.) and generates royalty statements.
- You import sales into your royalty software, it calcualtes royalties owed, generates royalty statements and it updates your accounts payable with the amounts owed to the royalty recipients
2. Rights Software
Rights software helps your market subsidiary rights to other companies and collect inbound rights income due to your company.
- Blue Press publishing wants to sell rights to their new book Catalicious. Rights software tracks whom you have contacted, what you have sent them and what offers were made. Once a sale is made it tracks the amounts due to your firm and alerts you if the buyer is past due with a promised sales statement or royalty check.
3. Permissions Software
Permissions software tracks the usage rights; permissions, that a publisher grants and receives.
- A publisher may grant permission for another publication to use a quote, a chart, or an excerpt in their publication.
- A publisher may ask another publication for permission to include some of their content in the publisher’s works.