Music rights firm Reservoir Media has published its latest financial results, revealing that its revenues grew by 10% year-on-year to $33.3m in Q3 2022.
That included 9% growth for its music publishing revenues and 11% growth for its recorded music revenues. CEO Golnar Khosrowshahi was optimistic about the potential for further growth, even in a choppy economy.
“The music industry continues to experience strong secular tailwinds, which should allow it to overcome any impacts from the macroeconomic downturn,” she said.
“We’re seeing a vibrant resurgence in live performances, growing opportunities for synchronisation, and an increase in subscribers to streaming content services.”
Reservoir has upped its predictions for annual revenues this year to $118m-$122m, which would be 11% growth year-on-year.