NEW YORK, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today supported the new agreement between the National Music Publishers’ Association (“NMPA”) and video gaming platform Roblox.
The agreement includes a settlement for previous claims, and also sets the foundation for future creative and commercial partnerships, plus opt-in go-forward licenses with publishers, per the official announcement. With over 48 million daily active users, Roblox drives new revenue streams through virtual launch parties and concerts, music in games, persistent music worlds, and virtual merchandise.
Golnar Khosrowshahi, Reservoir’s Founder and CEO, who is also an NMPA Board Director said, “It is another proud day for the publishing and songwriting community, as we celebrate this new agreement with Roblox. We look forward to coming to the table with Roblox and building creative and engaging experiences on the platform that benefit music rights holders and Roblox users alike.”
NMPA President & CEO David Israelite stated, “We are extremely pleased to have found a way forward with Roblox as it continues to offer a unique platform for musicians and songwriters in the metaverse. Roblox understands that music has the potential to play a more integral role on its platform. I appreciate Roblox’s willingness to work with us in pursuit of advancing the interests of publishers and songwriters and look forward to seeing how they expand virtual experiences through music.”
This announcement follows last week’s news that the NMPA reached an agreement with interactive livestreaming service Twitch.
ABOUT RESERVOIR
Reservoir Media, Inc. is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, and Abu Dhabi. Reservoir is the first U.S.-based publicly traded independent music company and the first female founded and led publicly traded music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 130,000 copyrights and 36,000 master recordings with titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir holds a regular Top 10 U.S. Market Share according to Billboard’s Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide’s The A&R Awards, and won Independent Publisher of the Year at the 2020 Music Week Awards.
Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Records, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.
