Reservoir Media earnings saw revenue hit $145M on acquisitions and more, with catalog purchases including members of The Spinners and Rudy Perez.
Golnar Khosrowshahi speaks onstage at Billboard Women In Music held at YouTube Theater on March 1, 2023 in Los Angeles, California.Subscription gains and a string of acquisitions helped Reservoir Media’s fiscal year revenue grow 18% to $144.9 million, beating the company’s guidance from February of $140 million to $142 million, the company announced Thursday . Adjusted earnings before interest, taxes, depreciation and amortization in the period ended March 31 climbed 20% to $55.
“Our financial guidance reflects our confidence in growth driving organic growth with our value enhancement efforts and capitalizing on the projected growth of the music industry,” CEOsaid during Thursday’s earnings call. Some of that organic growth will come from additional price increases at music subscription services, she added: “Looking forward, we are poised to benefit from what we believe will become a regular cadence of price increases across streaming platforms.
Elsewhere, full-year publishing revenue at the company rose 15% to $96.2 million. Digital revenue grew 17% to $51.6 million and performance royalties jumped 36% to $22.8 million. CFOsaid the “improvement is largely derived from higher royalty rates and price increases at multiple music streaming services, as well as the expansion of our catalog through M&A.”
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