Reservoir Media has published its fiscal Q4 (calendar Q1) and full-year financial results for its fiscal 2025, ended March 31, 2025.
The New York-headquartered company reported revenue of $158.7 million for its fiscal 2025, which represents an increase of 7% YoY on an organic basis or 10% YoY when including acquisitions throughout the fiscal year.
Reservoir’s operating Income grew 43% YoY to reach $35.1 million during its fiscal 2025 (the 12 months ending March 31).
The company’s adjusted EBITDA was up 18% YoY to $65.7 million in its fiscal 2025.
For fiscal Q4 (calendar Q1), Reservoir reported revenues of $41.4 million, marking an increase of 4% YoYon an organic basis, or 6% YoY including acquisitions year-over-year.
The company’s operating income reached $10.4 million in calendar Q1, up 19% YoY.
Adjusted EBITDA increased 14% YoY to $18.2 million in calendar Q1.
Reservoir highlighted several deals executed during its full fiscal 2025 and fiscal Q4, signing publishing agreements with Snoop Dogg and Death Row Records,K.D. lang, Wrabel, Travis Heidelman, Jon Decious, Aaron Zuckerman, Jeff Trott, Lewis Thompson, and Omar Kamal, among others.
The company also struck deals for rights to the publishing catalog of Lebo M and recorded music catalog of Jack Douglas, and acquired the publishing catalogs of Lastrada Entertainment, Big D Evans, and Billy Strange.
Credit: Becky Yee
“Fiscal 2025 was a year marked by significant strategic capital deployment, expanding Reservoir’s portfolio and geographic footprint.”
In a note to investors today (May 28), Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media, said that the company’s, “Fiscal 2025 was a year marked by significant strategic capital deployment, expanding Reservoir’s portfolio and geographic footprint”.
Added Khosrowshahi: “In addition to notable publishing deals with Snoop Dogg, k.d. lang, and many more, we executed several important acquisitions across the publishing and recorded businesses.
“In particular, the additions of U.K. dance and electronic label New State and publishing catalog Lastrada Entertainment were key scale drivers of growth, showcasing the team’s depth of expertise and our platform’s solid infrastructure for ingesting meaningful large-scale catalogs.”
Khosrowshahi revealed on the company’s earnings call that Reservoir deployed over $115 million towards acquisitions and advances in fiscal 2025.
Reservoir also expanded into India in calendar Q1 via its new Mumbai-based subsidiary, PopIndia; and struck a publishing deal with YouTube star Yohani.
PopIndia struck its first catalog deal in India on May 15 (announced in calendar Q2, or Q1 of Reservoir’s Fiscal 2026), acquiring the publishing and master rights to the entire Musicraft Entertainment catalog.
In the note to investors issued on Wednesday, Khosrowshahi added: “Following this past year’s double-digit topline growth, we have begun fiscal 2026 with financial and operational strength. The recent launch of our new subsidiary, PopIndia, positions us to further amplify Reservoir’s international presence.
“With expertise now based in Mumbai, we look forward to building on our existing efforts across the Middle East and North Africa, and bolstering our reputation as best-in-class partners in these markets.
“Whether signing active writers, acquiring assets or expanding territories, we remain firm in our overarching strategy to identify high-quality assets with significant return potential while maintaining a prudent approach to cost management.”
Music Publishing
Reservoir’s Music Publishing Revenue increased 6% YoY to $27.9 million in calendar Q1.
The company reported that the increase was “largely driven by higher Synchronization revenue which was partially offset by lower Performance and Mechanical Revenue”.
Sync revenues grew 51% YoY to $5.5 million in calendar Q1.
Elsewhere within music publishing, in calendar Q1, Reservoir generated ‘Digital’ revenues of $13.6 million, which was up 5% YoY.
Performance revenues reached $6.5 million in calendar Q1, down 13% YoY, while mechanical revenues reached $1.2 million, down 6% YoY.
Reservoir’s music publishing Revenue in its full fiscal 2025 was $107.4 million, representing an increase of 12% YoY compared to $96.2 million in fiscal 2024.
Growth for the full fiscal year was driven by double-digit growth in all segments except for Performance, which saw a 7% YoY decline to $22.8 million (see below).
Recorded Music
In Reservoir’s Recorded Music segment, in calendar Q1, revenues increased 7% YoYto reach $12 million.
Recorded Music Revenue in Reservoir’s FY fiscal 2025 was $44.3 million, an increase of 4% YoY compared to $42.4 million in the prior year.
According to Reservoir, Growth in both periods was driven by a “double-digit improvement within Digital revenue as the global growth of music streaming continues”.
In terms of guidance, Reservoir’s forecast for the company’s fiscal 2026 ending March 31, 2026, include FY revenues of between $164 million and $169 million.
Reservoir also forecasts adjusted EBITDA of between $68 million and $72 million.
“We believe fiscal year 2026 will be another year of growth for Reservoir, with 5% expected for Revenue and 6% growth expected for Adjusted EBITDA at the mid-point of our provided guidance range.”
Jim Heindlmeyer, Reservoir
Jim Heindlmeyer, Chief Financial Officer of Reservoir, said: “The 2025 fiscal year was another record performance for Reservoir.
“We continued to reap the benefits of our robust investment strategy, sustainably growing our catalog, and further driving growth through our value enhancement practices.
“We believe fiscal year 2026 will be another year of growth for Reservoir, with 5% expected for Revenue and 6% growth expected for Adjusted EBITDA at the mid-point of our provided guidance range.”Music Business Worldwide
