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Reservoir Media Posts 19% Revenue Gain, Increases Full-Year Guidance
Reservoir Media posts a 19% revenue gain to $42 million and adjusted EBITDA climbed 26% to $17.3 million in the company's third fiscal quarter.
In addition, Khosrowshahi attributed the company’s “commitment to cost containment and closely managed business operations” to the improvement in adjusted EBITDA. In the publishing division, price increases at streaming services helped digital revenues grow 20% to $16.7 million while mechanical royalties jumped 143% to $900,000 on the strength of physical sales of existing catalog. Those deals include the acquisition of the catalog of South African composer Lebo Morake and the producer royalties of Jack Douglas (Aerosmith, Cheap Trick).
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