Reservoir Media is the latest music company to publish its financial results for the third quarter of 2021 – its fiscal Q2.
The company generated revenues of $30.4m last quarter, which was up 45% year-on-year thanks to various catalogue acquisitions, as well as its purchase of Tommy Boy Music. The company said that stripping those out, its revenues grew by 15% organically.
Reservoir reported an operating profit of $7.9m, up 49% year-on-year. Publishing is still the bulk of the company’s business, generating $22.1m of revenues last quarter, up from $17.6m a year ago. However, its revenue from recorded music grew by 149%, albeit from a smaller base: from $3.2m a year ago to $8.1m last quarter.
Reservoir also noted that its digital revenues grew by 67%, with digital now accounting for 52.5% of its publishing revenue, and 59.3% of its recorded music revenue. The company expects its revenues for its next full financial year to be $100m-$104m, up from $81.8m in its last year.
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