Reservoir Media -- music’s newest publicly traded company -- improved its quarterly revenues by 23% to $12.3 million in the period spanning April 1 to July 1
Reservoir’s share price dropped 6.1% to $7.41 on Tuesday. It has fallen 28.1% from $9.49 on July 29, its first day of trading on the Nasdaq after the merger closed.Music publishing revenues; $12.3 million, up 8.1%Operating income before depreciation and amortization: $4.4 million, down 7.
9%Reservoir’s $617,000 loan under the Paycheck Protection Plan was forgiven.Music publishing performance royalties declined 14.2% year-on-year due to COVID-19 business restrictions and closures that affected retail, restaurants, bars, gyms, live shows, synchronization revenue and physical sales.Key events in Q2 and Q3 2021:Completed merger with Roth CH Acquisition II Co on July 28.
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