Selling Art for Flat Fee Versus Licensing

Here's part of an article by Tara Reed on the difference between selling your art for a flat fee versus licensing. Here's a sampling of the article:

Traditionally, licensing contracts are based on royalties so artists are paid based on sales. That means you wait, sometimes 12-18 months to be paid, but you share in the risk and reward of the product. If the product does well, you should make a lot more in royalties than you would be paid if you simply sold a design. If it doesn't do well, you may make less.

"Licensing your art" means you can use your art more than once, you retain the copyrights and you have to wait a little longer to see the money. But once you get projects in the pipeline, you can earn a nice income.

So what is this "flat fee licensing" and how is it different from selling art? For the rest of the article go to webpage.