Music company Reservoir Media published its latest quarterly financial results yesterday, and since the first quarter of the year is its fiscal Q4, they included its annual figures.
In Reservoir’s fiscal 2023 its revenues grew by 13% to $122.3m, buoyed by its latest catalogue acquisitions. That included a 9% increase in its music publishing revenues (to $77.1m) and an 18% spike in its recorded music revenues (to $29.5m).
However, there was a warning flag for the company last quarter, when its fiscal Q4 publishing revenues fell by 8% year-on-year “driven by lower performance, synch, and other revenue” according to the company.
That was enough to drag its quarterly revenues down 1% overall year-on-year, despite a 10% growth in its recorded music revenues. CEO Golnar Khosrowshahi was nevertheless positive about Reservoir’s prospects.
“Looking ahead, we are confident and excited by the opportunities for us in a competitive market landscape, and we take pride in our growing position as an industry leader representing artists who entrust us to manage their catalogs,” she said.