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SEGMENT REPORTING

9 Months Ended

Dec. 31, 2025

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 16. SEGMENT REPORTING

The Company’s business is organized in three operating segments, one of which does not meet the quantitative thresholds for determining reportable segments, and two reportable segments: Music Publishing and Recorded Music. The Company identified its Chief Executive Officer as its Chief Operating Decision Maker (“CODM”). The Company’s CODM evaluates financial performance of its segments based on operating income before depreciation and amortization (“OIBDA”). The CODM regularly reviews trends in OIBDA and compares OIBDA results to budgets to evaluate the profitability of the segments. During the annual budget process, the CODM also considers OIBDA to assist in the allocation of resources to the segments.

The accounting policies of the Company’s business segments are consistent with the Company’s policies for the condensed consolidated financial statements. The Company does not have sales between segments.

The following tables present total revenue and OIBDA by segment, significant segment expenses, which are expenses that are included in OIBDA, significant to the segment considering qualitative and quantitative factors and regularly provided or easily computed from information regularly provided to the CODM, and a reconciliation of OIBDA to income before income taxes for the three and nine months ended December 31, 2025 and 2024:

​

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended December 31, 2025
​	​	Music		​	Recorded		​	​	​
​	​ ​ ​	Publishing		​ ​ ​	Music		​ ​ ​	Total
Reportable segment revenue	​	$	30,121,545	​	$	12,872,579	​	$	42,994,124
Other revenue(a)	​	​	​	​	​	​	​	​	2,573,755
Consolidated revenue	​	​	​	​	​	​	​	$	45,567,879
Significant segment expenses:	​		​	​		​	​		​
Cost of revenue	​	​	12,617,169	​		3,580,783	​	​	​
Administration expenses	​		6,462,419	​		2,565,140	​		​
Reportable segment OIBDA	​	$	11,041,957	​	$	6,726,656	​	​	17,768,613
Other profit(a)	​	​	​	​	​	​	​	​	348,123
Amortization and depreciation	​	​	​	​	​	​	​	​	(7,789,274)
Interest expense	​	​	​	​	​	​	​	​	(6,584,013)
Loss on foreign exchange	​	​	​	​	​	​	​	​	(88,508)
Loss on fair value of swaps	​	​	​	​	​	​	​	​	(270,380)
Other expense, net	​	​	​	​	​	​	​	​	(103,113)
Income before income taxes	​	​	​	​	​	​	​	$	3,281,448

​

​	​	​	​	​	​	​	​	​	​
​	​	​	Three Months Ended December 31, 2024
​	​	Music		​ ​ ​	Recorded		​ ​ ​	​	​
​	​ ​ ​	Publishing		​	Music		​	Total
Reportable segment revenue	​	$	26,893,103	​	$	11,964,335	​	$	38,857,438
Other revenue(a)	​	​	​	​	​	​	​	​	3,446,278
Consolidated revenue	​	​	​	​	​	​	​	$	42,303,716
Significant segment expenses:	​	​	​	​	​	​	​	​	​
Cost of revenue	​		11,730,732	​		3,337,310	​		​
Administration expenses	​		6,014,390	​		2,229,256	​		​
Reportable segment OIBDA	​	$	9,147,981	​	$	6,397,769	​	​	15,545,750
Other profit(a)	​	​	​	​	​	​	​	​	725,828
Amortization and depreciation	​	​	​	​	​	​	​	​	(6,713,621)
Interest expense	​	​	​	​	​	​	​	​	(5,776,861)
Loss on foreign exchange	​	​	​	​	​	​	​	​	(76,431)
Gain on fair value of swaps	​	​	​	​	​	​	​	​	3,084,761
Other income, net	​	​	​	​	​	​	​	​	509,263
Income before income taxes	​	​	​	​	​	​	​	$	7,298,689

​

​	​	​	​	​	​	​	​	​	​
​	​	Nine Months Ended December 31, 2025
​	​	Music		​	Recorded		​	​	​
​	​ ​ ​	Publishing		​ ​ ​	Music		​ ​ ​	Total
Reportable segment revenue	​	$	85,929,949	​	$	36,299,078	​	$	122,229,027
Other revenue(a)	​	​	​	​	​	​	​	​	5,938,196
Consolidated revenue	​	​	​	​	​	​	​	$	128,167,223
Significant segment expenses:	​		​	​		​	​		​
Cost of revenue	​	​	36,100,572	​		9,822,300	​	​	​
Administration expenses	​		19,906,949	​		8,300,175	​		​
Reportable segment OIBDA	​	$	29,922,428	​	$	18,176,603	​	​	48,099,031
Other profit(a)	​	​	​	​	​	​	​	​	1,021,540
Amortization and depreciation	​	​	​	​	​	​	​	​	(22,659,874)
Interest expense	​	​	​	​	​	​	​	​	(19,621,628)
Gain on foreign exchange	​	​	​	​	​	​	​	​	619,896
Loss on fair value of swaps	​	​	​	​	​	​	​	​	(1,583,543)
Other expense, net	​	​	​	​	​	​	​	​	(357,596)
Income before income taxes	​	​	​	​	​	​	​	$	5,517,826

​

​	​	​	​	​	​	​	​	​	​
​	​	Nine Months Ended December 31, 2024
​	​	Music		​	Recorded		​	​	​
​	​ ​ ​	Publishing		​ ​ ​	Music		​ ​ ​	Total
Reportable segment revenue	​	$	79,489,296	​	$	32,287,361	​	$	111,776,657
Other revenue(a)	​	​	​	​	​	​	​	​	5,511,295
Consolidated revenue	​	​	​	​	​	​	​	$	117,287,952
Significant segment expenses:	​		​	​		​	​		​
Cost of revenue	​	​	34,148,535	​		9,031,994	​	​	​
Administration expenses	​		18,448,702	​		7,001,863	​		​
Reportable segment OIBDA	​	$	26,892,059	​	$	16,253,504	​	​	43,145,563
Other profit(a)	​	​	​	​	​	​	​	​	1,024,350
Amortization and depreciation	​	​	​	​	​	​	​	​	(19,528,397)
Interest expense	​	​	​	​	​	​	​	​	(15,796,667)
Loss on foreign exchange	​	​	​	​	​	​	​	​	(172,242)
Loss on fair value of swaps	​	​	​	​	​	​	​	​	(2,532,441)
Other income, net	​	​	​	​	​	​	​	​	410,774
Income before income taxes	​	​	​	​	​	​	​	$	6,550,940

(a) Other revenue and other profit relate to the Company’s artist management operating segment, which does not meet the quantitative thresholds for determining reportable segments in any period presented.

​

The Company’s CODM manages assets on a consolidated basis. Segment assets and amortization and depreciation by reportable segment are not reported to the Company’s CODM nor used to allocate resources or assess performance of the segments. Accordingly, neither total segment assets nor amortization and depreciation by reportable segment have been disclosed.

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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