Reservoir Media grows 12% in Q2, fueled by Miles Davis deal
Reservoir Media posted revenue gains of 12 percent during its most recent quarter as the company raised its annual financial targets following its purchase of Miles Davis catalog rights. The music rights firm generated $45.4 million during the three months that concluded at the end of September.
Publishing operations brought in $30.9 million while recorded music sales climbed 21 percent to reach $13 million. Digital streaming accounted for $16.1 million in publishing income while performance royalties jumped 47 percent to $7.5 million. Synchronization licensing for publishing dropped 21 percent to $4.6 million. The recorded music division saw digital revenue increase 21 percent to $8.7 million while sync licensing more than doubled to reach $1.8 million.
Reservoir acquired the jazz legend’s publishing catalog in a transaction valued between $40 million and $60 million. The agreement covers Davis’s composition rights along with estate income from his recordings ahead of his centennial celebration in 2026. Management increased its fiscal year projections to between $167 million and $170 million in revenue, up from earlier estimates. The firm expects adjusted earnings before interest, taxes, depreciation and amortization to reach between $70 million and $72 million.
