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REVENUE RECOGNITION
 9 Months Ended
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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

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.