Reservoir Media Inc 2024年度报告

LETTER TO SHAREHOLDERS Dear Fellow Shareholders, As we celebrate four years as a public company, I am pleased to share some highlightsfrom fiscal 2025, a year shaped by meaningful milestones, shared achievements, andsteady growth. We drove top-line revenue growth of 10%, generated an 18%improvement in adjusted EBITDA through prudent cost management, and deployedover $115 million in capital to further expand our portfolio of assets. The diversity and quality of our portfolio coupled with the strength of our value enhancement teams is what setsReservoir apart and allows us to pursue opportunities that drive growth. In fiscal 2025, synchronization revenueincreased 18% as we secured many prominent placements, such as four Super Bowl commercials and the use of“Day-O” by Harry Belafonte in the feature filmBeetlejuice, Beetlejuice, driving our 7% annual improvement inorganic revenue. We also had tremendous commercial success among Reservoir's active songwriters. Our rostercollaborated on chart-topping and record-breaking songs, including Sabrina Carpenter’s “Espresso,” Dasha’s“Austin (Boots Stop Workin’),” and SZA’s “Snooze,” driving the Company to earn a top 10 U.S. market share in thelast four quarters, according to Billboard’s Publishers Quarterly. Since our inception in 2007, Reservoir’s strategy has been rooted in cultivating a diverse mix of assets across genres,geographies, eras and rights type – from evergreen classics to the next generation of hitmakers. Fiscal 2025 was noexception, with the team closing over 50 new deals and many more organic deals. Some of those transactions include: Renowned rapper and entrepreneurSnoop DoggandDeath Row Records– These deals include the domesticpublishing for Snoop’s entire catalog of hits and future works, as well as the publishing catalog of Snoop’s DeathRow Records.Grammy and Juno award-winning singer-songwriterk.d. lang– Dubbed by Tony Bennett as “the best singer ofher generation,” the publishing deal includes her future works and partial catalog.The “voice and spirit ofThe Lion King”Lebo M– This acquisition includes rights to the celebrated SouthAfrican composer’s catalog, including legendary song “Circle of Life,” among other works from the soundtracksand scores of the highly successful screen and stage franchise.Lastrada Entertainment’s publishing catalog of more than 5,600 compositions, spanning multiple generations andgenres – These high-quality copyrights have been innovatively sampled over the years, birthing such mega hits as2Pac's “California Love,” Mariah Carey's “We Belong Together,” and Will Smith's “Miami.”U.K. dance and electronic labelNew Stateand its entire recorded music catalog of over 13,000 tracks – This dealmarks another expansion in recorded music, and included in the transaction are the rights to continue to marketand release new music by New State artists. In addition to executing these deals, investing in local talent across emerging markets is a critical component of ourgrowth strategy. Through our subsidiary, PopArabia, our team has built critical relationships on the ground inMENA, which have established our reputation as a creative partner for active talent and a thoughtful steward ofcatalogs in these markets. We consistently showcase our commitment to both exporting regional music to a broaderglobal audience and supporting the burgeoning local artists and songwriters within their own territories. In March,we announced the acquisition of publishing and master rights to Egyptian star Omar Kamal's catalog. Kamal's“Mahragan Bent El Geran” was named one of Rolling Stone's 50 Best Arabic Pop Songs of the 21st Century. LETTER TO SHAREHOLDERS Reservoir also announced the launch of our newest subsidiary, PopIndia, based in Mumbai. As a full-service musiccompany, PopIndia is focused on signing and developing regional talent and acquiring catalogs across both publishingand recorded music while also providing music supervision and sub-publisher services in the country. In addition toPopIndia representing our seventh global office, we are incredibly excited by its first publishing deal with singer,songwriter, rapper, and YouTube star Yohani. India is one of the most exciting growing global markets, fueled bymore than 175 million people streaming music across various channels (with many more yet to come online) andexpectations for a 13% CAGR for the country’s music industry through 2027. We are well-positioned with anexperienced, embedded team to secure high-quality catalogs at attractive valuations in the region. Reflecting on our fiscal 2025 financial performance - the caliber of our catalog and value enhancement teams,combined with the user growth and price increases across multiple music streaming services, generated annual revenueof $158.7 million, which represented 12% annual growth in our Music Publishing and 4% growth in our RecordedMusic segments for the fiscal year. The improvement in our gross margin and operating leverage support