Reservoir Media is the latest music company to publish its financial results for the second quarter of 2022 – its fiscal Q1. The company saw its revenues grow by 46% year-on-year to $24.3m, although with acquisitions stripped out that was 14% organic growth.
Reservoir’s publishing revenues grew by 35% to $16.4m, while its recorded music revenues were up 80% to $7.6m, reflecting their growing importance to its business. It recorded an operating profit of $1.3m, compared to $0.2m this time last year.
For publishing, digital remains the biggest single category of revenue for Reservoir, up 28% year-on-year to $8.5m. However, the company has been investing in its sync team, and that appears to be paying off: sync revenues grew by 70% to $3.3m.
Reservoir says that despite wider economic uncertainty, it’s still planning to spend $100m on catalogue acquisitions in its next financial year.