Reservoir Media, Inc. - RSVR STOCK NEWS

Reservoir Media achieved a remarkable 46% revenue growth for Q1 FY23, reaching $24.3 million. This growth was driven by an 80% increase in Recorded Music revenue and a 35% rise in Music Publishing revenue. Operating income improved to $1.3 million, with OIBDA rising 56% to $6.7 million and Adjusted EBITDA up 73% to $7.4 million. The company reaffirmed its fiscal 2023 guidance, targeting revenues between $116 million and $121 million. Despite higher administrative costs, the outlook remains positive as Reservoir focuses on strategic M&A worth $100 million.

Reservoir Media (NASDAQ: RSVR) has acquired the publishing and recorded music rights catalogs from drummer Matt Sorum, known for his role in iconic bands like Guns N’ Roses and Velvet Revolver. This deal includes future publishing rights, enhancing Reservoir's catalog. Sorum expressed his excitement about the partnership, recognizing the value Reservoir places on his work. The company, founded in 2007, represents over 140,000 copyrights and boasts a strong market presence. This acquisition is aimed at further solidifying Reservoir's position in the independent music sector.

Reservoir Media, Inc. (NASDAQ: RSVR) will release its financial results for the first fiscal quarter ended June 30, 2022, on August 5, 2022, before market open. A conference call to discuss these results is scheduled for 10 a.m. EDT the same day. Interested parties can join via a registration link provided in the release. Reservoir, an independent music company, holds a significant market share and represents over 140,000 copyrights, showcasing its prominence in the music industry.

Reservoir Media applauds the U.S. Copyright Royalty Board's decision to uphold increased mechanical streaming royalty rates for songwriters and music publishers, retroactive to 2018. The ruling, issued on July 1, 2022, raises the statutory mechanical streaming rates from 10.5% to 15.1% over the period from 2018 to 2022, rejecting appeals from major digital service providers like Spotify and Amazon. Reservoir is set to receive previously withheld royalties due to this decision, although some changes favoring DSPs were also reinstated. The ongoing CRB IV will address future rates for 2023-2027.

Reservoir Media, Inc. (NASDAQ: RSVR) announced its inclusion in the Russell 2000® Index effective June 27, 2022, as part of the Russell indexes reconstitution. This membership is expected to enhance trading activity and investor visibility for Reservoir, which is approaching its first year as a public company. The Russell indexes, benchmarked by $12 trillion in assets, are widely followed by institutional investors. Reservoir represents over 140,000 copyrights and has a strong market presence, being recognized as the first female-led publicly traded music company in the U.S.

Reservoir Media, Inc. (NASDAQ: RSVR) announces that its Founder and CEO, Golnar Khosrowshahi, has joined the New York Philharmonic Board of Directors, effective immediately. This partnership aims to enhance the Philharmonic's global outreach as it continues to evolve post-pandemic. Founded in 1842, the New York Philharmonic is the oldest symphony orchestra in the U.S. and connects with around 50 million audiences annually. Khosrowshahi's business acumen and musical expertise are expected to strengthen the leadership during this pivotal time.

Reservoir Media, Inc. (NASDAQ: RSVR) reported strong financial results for Q4 and fiscal year 2022, with a 20% increase in quarterly revenue to $35.1 million and a 34% annual revenue growth to $107.8 million. Notably, recorded music revenue surged by 123% year-over-year. The company achieved an operating income of $8.7 million, up 28%, and net income of $8.9 million for Q4. For fiscal 2023, Reservoir forecasts 10% growth in revenue and adjusted EBITDA. The company successfully deployed over $224 million across 110 deals in its first year as a public entity.

Reservoir Media, Inc. (NASDAQ: RSVR) announced it will release its financial results for the fourth fiscal quarter and year ended March 31, 2022, on June 21, 2022, before market open. A conference call will be held at 10 a.m. EST on the same day to discuss these results. Investors can join via phone or through a live audio webcast on Reservoir’s Investor Relations website. Reservoir, an independent music company with a strong global presence and over 140,000 copyrights, is the first female-founded public music company in the U.S.