What is royalty? Whether it is applicable for music, literature, scientific inventions?

Answer 1

If you write a song, book etc. you are entitled to a percentage of the money taken each time someone buys your song/book/whatever.

That sum of money is know as the royalty.

Everytime you buy that person's song/book, they will receive a royalty. So some of the amount you are paying for your book/song will go to the person who wrote it, not just to the publishers/printer. Also if the song is played on the radio, the writer is entitled to royalties.

Answer 2

if you made it, the royalties ensure that you get a % of any money made from it, be it music, inventions, whatever, unless you sign all ownership and rights away for a lump sum.