By Anthony O. Goriainoff
Round Hill Music Royalty Fund said Thursday that combined net publisher share and net label share in the first quarter rose 91%, or by $10.1 million, on the year-prior period.
The London-listed music copyright owner and operator said that although most of this income growth was due to acquisitions, like-for-like revenue from its initial investments rose 20%. Within this, adjusted income from publishing rights rose 22%, with adjusted income from masters rights rising 14%.
The company said revenue growth was also driven by proactively managing its portfolio of song catalogues by its investment manager–Round Hill Music LP–as revenue from synchronized music placements rose 74% on year for the initial investments.
Total sync income in the first quarter rose to $2.1 million and accounted for 21% of group revenue, it said.
Notable sync deals from the period included Louis Armstrong’s “What a Wonderful World”‘ which was used in several projects including a documentary on Netflix, and the Backstreet Boys’ “I Want it That Way,” which was used in a commercial, Round Hill said.
“These results, which are further supported by the beneficial music industry tailwinds that show no sign of dissipating, provide a solid foundation and reason for continued optimism,” the company said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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