Reservoir, a leading independent music company, released its investor presentation for June 2025, showcasing its financial performance and strategic achievements. The company's stock (NASDAQ: RSVR) was priced at $7.63 as of March 31, 2025, with a market capitalization of $498 million and 65 million shares outstanding.
In terms of revenue composition, the company's music publishing segment accounted for 68% of the trailing twelve-month revenue, while recorded music contributed 28%, with the remaining 4% classified under "Other."
Reservoir's business model focuses on diversifying its music portfolio through the acquisition of catalogs with hit songs, investment in frontline songwriters and artists, and establishing partnerships worldwide. The company prides itself on being the first U.S.-based publicly traded independent music company, led by Golnar Khosrowshahi, and boasts a highly experienced team of music professionals with a track record at major music companies such as Universal, Warner, and Sony.
The financial information presented in the report indicated that the company had over $1 billion of invested capital since its inception, with significant amounts allocated to acquisitions of catalogs and companies, as well as future spend with an enhanced risk/return profile.
Reservoir's catalog encompasses over 150,000 copyrights and 36,000 masters, with a focus on evergreen catalog and contemporary hits. Notably, the company reported that no musical composition accounted for more than 2% of revenue, and 94% of its catalog had a retention date of over 10 years, with 85% for the life of copyright.
In terms of genre and release date diversity, Reservoir's catalog spans various periods, with the 2010s representing 31% of the content, followed by the 2000s at 25%, and a mix of genres such as pop, country, hip hop, film/TV, rock, R&B, and electronic.
The recorded music segment also demonstrated a strong presence, with a revenue mix of 69% digital, 14% physical, 7% synch, and 10% neighboring rights. Reservoir's ownership across 90% of all masters was highlighted, with no master recording accounting for more than 4% of the net label share.
The report showcased the company's top 10 songs by net publisher share (NPS), including iconic tracks like "Yeah!" by Usher and "Take Me Home, Country Roads" by John Denver, each contributing less than 1% to the revenue. Similarly, the top 10 tracks by net label share (NLS) featured hits like "Gangsta's Paradise" by Coolio, with a 3.9% share.
As a result of these announcements, the company's shares have moved 1.83% on the market, and are now trading at a price of $7.77. Check out the company's full 8-K submission here.
