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REVENUE RECOGNITION | 9 Months Ended
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Dec. 31, 2025
REVENUE RECOGNITION |
REVENUE RECOGNITION | NOTE 4. REVENUE RECOGNITION For the Company’s operating and reportable segments, Music Publishing and Recorded Music, the Company accounts for a contract when it has legally enforceable rights and obligations and collectability of consideration is probable. The Company identifies the performance obligations and determines the transaction price associated with the contract. Revenue is recognized when, or as, control of the promised services or goods is transferred to the Company’s customers, and in an amount that reflects the consideration to which the Company is expected to be entitled in exchange for those services or goods. Certain of the Company’s arrangements include licenses of intellectual property with consideration in the form of sales- and usage-based royalties. Royalty revenue is recognized when the subsequent sale or usage occurs using the best estimates available of the amounts that will be received by the Company. The Company recognized revenue of $1,949,916 and $4,376,551 from performance obligations satisfied in previous periods for the nine months ended December 31, 2025 and 2024, respectively. ​ Disaggregation of Revenue The Company’s revenue consisted of the following categories during the three and nine months ended December 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31, | ​ | Nine Months Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Revenue by Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Digital | ​ | $ | 17,422,844 | ​ | $ | 16,662,287 | ​ | $ | 47,808,353 | ​ | $ | 46,885,237
Performance | ​ |  | 6,205,475 | ​ |  | 4,355,603 | ​ |  | 18,478,276 | ​ |  | 14,573,765
Synchronization | ​ |  | 4,566,797 | ​ |  | 4,126,568 | ​ |  | 13,321,701 | ​ |  | 12,758,080
Mechanical | ​ |  | 602,664 | ​ |  | 949,201 | ​ |  | 2,871,642 | ​ |  | 2,708,207
Other | ​ |  | 1,323,765 | ​ |  | 799,444 | ​ |  | 3,449,977 | ​ |  | 2,564,007
Total Music Publishing | ​ | ​ | 30,121,545 | ​ | ​ | 26,893,103 | ​ | ​ | 85,929,949 | ​ | ​ | 79,489,296
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Digital | ​ |  | 9,349,661 | ​ |  | 8,141,819 | ​ |  | 26,073,214 | ​ |  | 21,911,052
Physical | ​ |  | 1,860,026 | ​ |  | 1,969,738 | ​ |  | 4,277,817 | ​ |  | 4,825,757
Neighboring rights | ​ |  | 1,147,110 | ​ |  | 887,478 | ​ |  | 3,321,891 | ​ |  | 3,073,765
Synchronization | ​ |  | 515,782 | ​ |  | 965,300 | ​ |  | 2,626,156 | ​ |  | 2,476,787
Total Recorded Music | ​ | ​ | 12,872,579 | ​ | ​ | 11,964,335 | ​ | ​ | 36,299,078 | ​ | ​ | 32,287,361
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other revenue | ​ | ​ | 2,573,755 | ​ | ​ | 3,446,278 | ​ | ​ | 5,938,196 | ​ | ​ | 5,511,295
Total revenue | ​ | $ | 45,567,879 | ​ | $ | 42,303,716 | ​ | $ | 128,167,223 | ​ | $ | 117,287,952
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended December 31, | ​ | Nine Months Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Revenue by Geographical Location |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
United States Music Publishing | ​ | $ | 17,984,750 | ​ | $ | 16,758,233 | ​ | $ | 47,812,550 | ​ | $ | 46,670,370
United States Recorded Music | ​ |  | 6,765,683 | ​ |  | 5,881,469 | ​ |  | 19,356,355 | ​ |  | 17,624,673
United States other revenue | ​ |  | 2,573,755 | ​ |  | 3,446,278 | ​ | ​ | 5,938,196 | ​ |  | 5,511,295
Total United States | ​ |  | 27,324,188 | ​ |  | 26,085,980 | ​ |  | 73,107,101 | ​ |  | 69,806,338
International Music Publishing | ​ |  | 12,136,795 | ​ |  | 10,134,870 | ​ |  | 38,117,399 | ​ |  | 32,818,926
International Recorded Music | ​ |  | 6,106,896 | ​ |  | 6,082,866 | ​ |  | 16,942,723 | ​ |  | 14,662,688
Total International | ​ |  | 18,243,691 | ​ |  | 16,217,736 | ​ |  | 55,060,122 | ​ |  | 47,481,614
Total revenue | ​ | $ | 45,567,879 | ​ | $ | 42,303,716 | ​ | $ | 128,167,223 | ​ | $ | 117,287,952
​ Only the United States represented 10% or more of the Company’s total revenues in the three and nine months ended December 31, 2025 and 2024. Deferred Revenue The following table reflects the change in deferred revenue during the nine months ended December 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Balance at beginning of period | ​ | $ | 1,885,462 | ​ | $ | 1,163,953
Cash received during period | ​ |  | 8,496,975 | ​ |  | 5,390,560
Revenue recognized during period(a) | ​ |  | (6,319,168) | ​ |  | (4,178,596)
Balance at end of period | ​ | $ | 4,063,269 | ​ | $ | 2,375,917
| (a) | Includes revenues of $1,643,875 during the nine months ended December 31, 2025 related to the balance of deferred revenue at April 1, 2025. Includes revenues of $1,060,929 during the nine months ended December 31, 2024 related to the balance of deferred revenue at April 1, 2024.

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