Reservoir Investor Presentation Deck
Music Publishing 101
IP RIGHTS:
Songs owned by publisher or songwriter
Catalog previously released songs
Futures = songwriters under active contract who are writing new songs
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PROTECTED ASPECT OF WORK:
Notes & lyrics
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RESPONSIBILITY OF PUBLISHER: Monetization & Exploitation
Catalog: identify high-quality legacy catalogs and acquire ownership
interest in these catalogs
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Futures: find songwriters to sign and develop, nurture their skills and pair
them with likeminded collaborators; may either have ownership interest in
copyright or perform services under an administration agreement
Both: pitch songs for use in film, tv, advertising, videogames, and others;
license the right to use the song; collect royalty fees for usage
INCOME:
Royalty income paid on every version of the song typically split between
publisher (NPS) and songwriter (writer's share/royalties)
KEY CASH FLOW METRICS
Revenue / Gross Royalties
(-) Writer Royalties
= Net Publisher Share (NPS)
(-) Operating Expenses
(Artist & Repertoire, Licensing,
G&A, Talent Expense)
= EBITDA
Amortization
Advances
Recoupments
Capex
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