Welcome to our dedicated page for Reservoir Media news (Ticker: RSVR), a resource for investors and traders seeking the latest updates and insights on Reservoir Media stock.
Reservoir Media, Inc. (symbol: RSVR) is a leading independent music publisher based in New York City. Founded in 2007 as a family business, Reservoir has grown from a modest collection of hits to a globally recognized boutique publisher. The company now has offices in Los Angeles, Toronto, and London, and boasts over 200 #1 releases worldwide.
Reservoir's diverse catalog spans multiple genres and includes legendary works by artists such as Billy Strayhorn, Bobby Pickett, David Crosby, Gram Parsons, Irving Burgie, John Denver, and Ricky Lee Jones. The company's contemporary-classic catalogs feature Big & Rich, Lil Jon, Phantogram, Sheryl Crow, and Stephen “Static Major” Garrett, among others. Reservoir also represents current hits performed by Ariana Grande, Drake, Lady Gaga, Major Lazer, Meghan Trainor, Tiësto, and several others.
The company's core segments include Music Publishing and Recorded Music, with the Music Publishing segment generating the majority of its revenue. Reservoir is committed to fostering inclusion, accountability, and combating climate change, which are evident in its latest initiatives.
Reservoir Media has demonstrated strong financial performance, with a 31% top-line growth driven by digital performance across its recorded music and music publishing segments. According to CEO Golnar Khosrowshahi, the company's business model and targeted investments have led to consistent double-digit revenue growth. Reservoir focuses on diversifying its roster and catalog, maintaining a presence in emerging markets, and bringing value to its creators and their copyrights.
Reservoir Media has welcomed a historic settlement reached by the National Music Publishers’ Association (NMPA), Nashville Songwriters Association International (NSAI), and Digital Media Association (DiMA) concerning mechanical streaming royalty rates. These rates will rise to 15.35% over the next five years, starting in 2023, establishing the highest royalty rates worldwide. This settlement not only avoids a costly trial but includes improvements such as enhanced alternate rate structures and better compensation for songwriters. Reservoir's leadership views this as a significant step towards fair compensation in the streaming industry.
Reservoir Media, Inc. (NASDAQ: RSVR) will host a virtual Town Hall on August 25, 2022, at 4:00 PM EDT. Founder and CEO Golnar Khosrowshahi will discuss recent Copyright Royalty Board (CRB) developments with David Israelite, President of the National Music Publishers’ Association. The event includes a Q&A session for online questions. Participants can register for the live webcast on Reservoir's website, where a replay will also be available.
Reservoir is a leading independent music company, representing over 140,000 copyrights and 36,000 master recordings.
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.
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