Publisher and music rights-owner Reservoir Media has published its financial results for the third quarter of 2023 (its fiscal Q2). The company’s revenues grew by 15% year-on-year to $38.4m, although organically (i.e. not including acquisitions) they were up 10%. Publishing is still the main part of Reservoir’s business, with those revenues up 8% to $25.9m. However, it’s recorded music that’s growing fastest for the company, up 22% to $10.8m – and thus now just over 28% of Reservoir’s overall turnover. Reservoir recorded a net profit of $0.7m for the quarter, down from $4.5m this time last year.

“We will continue to pursue acquisitions in the U.S. and across the globe, and we have the right team and strategy to close accretive deals enhancing the portfolio and building long term value for the business and our shareholders,” said CEO Golnar Khosrowshahi. A couple of potential concerns for her company can be seen in the breakdown of the financials, however. Digital publishing revenue was down 4% year-on-year – although Reservoir said this was due to a royalty-rates-setting bonus in its Q2 last year. Meanwhile, in recorded music the company’s sync revenues fell by 12% year-on-year, although the caveat here is that this is only from $1m to $0.9m.