NEW YORK (CelebrityAccess) — Independent publisher Reservoir Music announced the results of their second fiscal quarter, which ended on September 30th.
During the quarter, Reservoir generated revenue of $38.4 million, up 10% from the same period last year, and 15% including acquisitions, the company said.
Music publishing was a key revenue driver, accounting for $25.9 million in the second quarter of 2024, up by 8% year over year, while revenue from Reservoir’s recorded music division increased to $10.8 million, up year-over-year by 22%.
At the same time, operating income was down slightly, falling to $6.1 million, while net income was $0.7 million, or $0.01 per share, versus $4.5 million, or $0.07 per share in Q2 2023.
During the quarter, Reservoir closed multiple deals with high-profile clients, including Eagles legend Joe Walsh, and Latin music icon Rudy Perez.
The company also expanded its international footprint with the acquisition of RE Media and El Sawareekh, in conjunction with PopArabia.
“We are pleased with our results in the second quarter as we delivered double-digit revenue and profitability growth while investing in our business by closing numerous deals that diversified and expanded our roster of artists. We advanced our strategy of adding award-winning songwriters and prominent catalogs to our portfolio to capitalize on the continued strong secular tailwinds in the music industry,” said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir.
“Reservoir remains well positioned to benefit from the growth of the music industry, and we are confident in our ability to effectively deploy capital given our strong market position in both the U.S. and emerging markets. We are encouraged by the growing opportunities internationally and welcome recent additions of El Sawareekh and RE Media expanding our presence in the emerging markets. We will continue to pursue acquisitions in the U.S. and across the globe, and we have the right team and strategy to close accretive deals enhancing the portfolio and building long-term value for the business and our shareholders.”
