REVENUE RECOGNITION (Tables)

9 Months Ended

Dec. 31, 2025


	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

Schedule of change in deferred revenue


		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.