Reservoir Media is an independent music company that acquires and manages rights to musical compositions and sound recordings. The company generates revenue by collecting royalties whenever music in its catalog is streamed, broadcast, played in public, or licensed for use in films, television, and advertisements. Reservoir operates primarily through two segments: Music Publishing and Recorded Music. In its publishing business, the company owns or administers underlying songs and collects royalties for songwriters. In its recorded music business, Reservoir owns master recordings through several record labels. The company also operates a small artist management business. Reservoir's business model relies on acquiring music catalogs that produce durable, recurring revenue over long periods. Growth is primarily driven by deploying capital to purchase new catalogs and signing new songwriters and artists. Reservoir aims to increase the value of its holdings through active marketing and licensing, such as securing placements in visual media or coordinating anniversary campaigns. The company focuses on sourcing off-market acquisition deals and expanding its presence in emerging markets like India and the Middle East to capture growth in global music streaming. Reservoir uses debt to fund these acquisitions and manages the spread between catalog returns and borrowing costs.