#Royalty: a payment made to an owner or licensee of an IP or a set of IPs for ongoing use of their IP. It is a share of revenue paid to the legal owner of a property, such as patents, copyrighted works or franchises.

#License fee: an amount of money (usually fixed amount) paid by an individual or business to the licensor for enjoying the privilege of being licensed to use their IP.

Source: https://www.rsgmedia.com/rsg-rights-resources/royalty-and-licensing-basics/