{"id":85572,"date":"2024-05-30T18:05:16","date_gmt":"2024-05-30T22:05:16","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2024\/05\/30\/reservoir-media-full-year-revenue-hits-145m-on-acquisitions-subscription-price-hikes\/"},"modified":"2024-05-30T18:05:16","modified_gmt":"2024-05-30T22:05:16","slug":"reservoir-media-full-year-revenue-hits-145m-on-acquisitions-subscription-price-hikes","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2024\/05\/30\/reservoir-media-full-year-revenue-hits-145m-on-acquisitions-subscription-price-hikes\/","title":{"rendered":"Reservoir Media Full-Year Revenue Hits $145M on Acquisitions, Subscription Price\u00a0Hikes"},"content":{"rendered":"

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\n\tSubscription gains and a string of acquisitions helped Reservoir Media\u2019s fiscal year revenue grow 18% to $144.9 million, beating the company\u2019s guidance from February of $140 million to $142 million, the company announced Thursday (May 30). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the period ended March 31 climbed 20% to $55.6 million, topping guidance of $53 million to $55 million.<\/p>\n

\n\tOrganic growth, which strips out the impact of acquisitions made during the year, was 14% for the full year. Among the company\u2019s catalog purchases during the fiscal year were four members of R&B group The Spinners<\/a>, Latin music artist Rudy Perez<\/a>, hip-hop producer Mannie Fresh<\/a> and 2Pac<\/a> collaborator Big D Evans. Reservoir also invested in Egyptian company RE Media and Saudi Arabian hip-hop label Mashrex.\u00a0<\/p>\n

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\t\t\t\t\tReservoir Media Files to Sell Securities to Fund Acquisitions, Other\u00a0Needs\t\t<\/p>\n<\/h3><\/div>\n

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\n\tAmong Reservoir Media\u2019s signings during the year were songwriter Steph Jones, who shares a co-writing credit on Sabrina Carpenter<\/a>\u2019s \u201cEspresso,\u201d and Rob Ragosta, co-writer of \u201cNeed a Favor\u201d by Jelly Roll<\/a>. The company also landed publishing deals with rock band Kings of Leon<\/a> and rock legend Joe Walsh<\/a>.\u00a0<\/p>\n

\n\tThe company said it expects fiscal 2025 revenue to be between $148 million and $152 million, which would reflect 3.5% growth at the midpoint. Adjusted EBITDA is expected to be $58 million to $61 million, which implies 7.0% growth at the midpoint.\u00a0<\/p>\n

\n\t\u201cOur financial guidance reflects our confidence in growth driving organic growth with our value enhancement efforts and capitalizing on the projected growth of the music industry,\u201d CEO Golnar Khosrowshahi<\/strong> said during Thursday\u2019s earnings call. Some of that organic growth will come from additional price increases at music subscription services, she added: \u201cLooking forward, we are poised to benefit from what we believe will become a regular cadence of price increases across streaming platforms.\u201d<\/p>\n

\n\tShares of Reservoir Media jumped 15.5% to $9.00 Thursday morning before falling to $8.26, up 6.1%, by late afternoon.\u00a0<\/p>\n

\n\tElsewhere, full-year publishing revenue at the company rose 15% to $96.2 million. Digital revenue grew 17% to $51.6 million and performance royalties jumped 36% to $22.8 million. CFO Jim Heindlmeyer<\/strong> said the \u201cimprovement is largely derived from higher royalty rates and price increases at multiple music streaming services, as well as the expansion of our catalog through M&A.\u201d\u00a0<\/p>\n

\n\tRecorded music revenue grew 22% to $42.4 million in the full fiscal year largely due to price increases at subscription services and the timing of Reservoir Media\u2019s release schedule, Heindlmeyer said. While physical revenue climbed 49% to $8.9 million, digital revenue rose 17% to $26.9 million and accounted for the majority of recorded music\u2019s $7.6 million in revenue growth.\u00a0<\/p>\n

\n\tFiscal fourth-quarter revenue grew 12% to $39.1 million. Operating income grew just 2%, however, to $8.8 million, while adjusted EBITDA improved 6% to $16.0 million.\u00a0<\/p>\n

\n\tReservoir\u2019s pipeline of potential acquisitions dropped by 50% to $1 billion, down from $2 billion at the end of December. Khosrowshahi downplayed the change, however, noting the company is seeing \u201cample deal flow\u201d despite \u201ca couple of larger deals\u201d having moved. Liquidity at the end of the year of $132.3 million from $18.1 million of cash and $114.2 million available in a revolving credit facility \u201cgives us the capital to fund our strategic objectives,\u201d said Heindlmeyer. Added Khosrowshahi, \u201cI\u2019m generally quite optimistic about what that pipeline looks like.\u201d\u00a0<\/p>\n<\/div>\n<\/div>\n

Aller \u00e0 la source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Subscription gains and a string of acquisitions helped Reservoir Media\u2019s fiscal year revenue grow 18% to $144.9 million, beating the company\u2019s guidance from February of $140 million to $142 million, the company announced Thursday (May 30). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the period ended March 31 climbed 20% to $55.6 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-85572","post","type-post","status-publish","format-standard","hentry","category-musique","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/85572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/comments?post=85572"}],"version-history":[{"count":0,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/85572\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/media?parent=85572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/categories?post=85572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/tags?post=85572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}