Royalties Analyst Job Description
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A royalty analyst is typically employed in the entertainment or publishing sector to design and monitor royalty license agreements, contracts and processes for maximum business profitability. The job profile also includes proper compilation of royalty payment statements besides compliance with auditing and tax requirements. To succeed in this career, you must possess a keen and analytical bent of mind, a strong legal orientation, as well as enhanced interpersonal communication skills and negotiation ability.
Key Result Areas
Some of the primary tasks that a royalty analyst performs are analyzing and interpreting royalty contracts and setting up the computerized royalty system with inputs for generating periodic statements for royalty payouts and audit compliance. The royalty analyst is the final authority who certifies that a royalty payout statement is accurate and may be processed for payouts to artists or authors. Royalty analysts are also required to review historical data for the preparation of accurate projection models to enable revenue forecasts.
Royalty analysts need finely developed negotiation skills to interact with clients or their legal representatives to develop and implement license contracts that are tailor-made to individual client requirements yet adhere to the corporate licensing framework and standardized processes. Negotiation skills along with enhanced interpretation abilities of the terms and conditions of royalty agreements also come in extremely handy for resolving royalty disputes.
Royalty analysts require enhanced interpersonal skills to enable them to convince other internal departments, such as legal, finance, administration, audit, about the systems reviews and revenue projections that they make periodically. They also need to effectively convince the external audit and income tax authorities regarding their views on licensing allocations of third parties. A critical function requiring well-developed interpersonal skills is that of fielding queries from both the management and clients.
Royalty analysts are required to possess a degree in finance, accounting or a related subject that ensures familiarity with advanced number-crunching techniques and the impact of the internal and external regulatory environment on revenue streams. Additional coverage to legal frameworks, the law of contracts and dispute resolution is a surefire career booster. Experience in the entertainment or publishing industries is an advantage as it sensitizes the analyst to the demands and culture of these environments. Computer proficiency with using spreadsheets, word processors as well as royalty systems is a major plus.
According to job website Indeed, as of 2014 the average salary of a royalty analyst was $71,000. Average salaries in California, where much of the recording industry is located, were slightly higher, at $77,000. In New York, the average salary in 2014 was higher still -- $86,000.
Hailing out of Pittsburgh, Pa., David Stewart has been writing articles since 2004, specializing in consumer-oriented pieces. He holds an associate degree in specialized technology from the Pittsburgh Technical Institute.