Source : Webster's Revised Unabridged Dictionary (1913)

Royalty \Roy"al*ty\, n.; pl. {Royalties}. [OF. roialt['e],
   royault['e], F. royaut['e]. See {Royal}, and cf. {Regality}.]
   1. The state of being royal; the condition or quality of a
      royal person; kingship; kingly office; sovereignty.

            Royalty by birth was the sweetest way of majesty.
                                                  --Holyday.

   2. The person of a king or sovereign; majesty; as, in the
      presence of royalty.

            For thus his royalty doth speak.      --Shak.

   3. An emblem of royalty; -- usually in the plural, meaning
      regalia. [Obs.]

            Wherefore do I assume These royalties, and not
            refuse to reign?                      --Milton.

   4. Kingliness; spirit of regal authority.

            In his royalty of nature Reigns that which would be
            fear'd.                               --Shak.

   5. Domain; province; sphere. --Sir W. Scott.

   6. That which is due to a sovereign, as a seigniorage on gold
      and silver coined at the mint, metals taken from mines,
      etc.; the tax exacted in lieu of such share; imperiality.

   7. A share of the product or profit (as of a mine, forest,
      etc.), reserved by the owner for permitting another to use
      the property.

   8. Hence (Com.), a duty paid by a manufacturer to the owner
      of a patent or a copyright at a certain rate for each
      article manufactured; or, a percentage paid to the owner
      of an article by one who hires the use of it.

Source : WordNet®

royalty
     n 1: payment to the holder of a patent or copyright or resource
          for the right to use their property; "he received
          royalties on his book"
     2: royal persons collectively; "the wedding was attended by
        royalty" [syn: {royal family}, {royal line}, {royal house}]