Creators may decide to sell the economic rights to their works. The payment that is received when a creator sells one or more of his rights is called royalties. The two ways of selling economic rights are through an assignment and licensing:
- Assignment is a way of transferring of the creator’s economic rights so that the buyer becomes the new owner of the copyright.
- Licensing means that the creator remains the owner of his economic rights but allows the buyer of the rights to carry out certain acts under those rights for a limited time and purpose.