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Reservoir Media

Reservoir Media plans to sell an additional $100 million of securities, according to an S-3 filing with the Securities and Exchange Commission on Monday (April 29). The funds may go toward acquisitions, debt repayment, share buybacks and other general corporate purposes, according to the filing. 

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The company will often offer common stock, shares of its preferred stock, debt securities, depository shares, warrants, purchase contracts or a combination of these offerings, according to the filing. Reservoir Media currently has an authorized capital stock of 825 million shares — 750 million common shares and and 75 million shares of preferred stock. As of Feb. 5, it had 64.82 million shares of common stock outstanding. No shares of its preferred stock have been issued.

Tapping the market for additional capital now would enable Reservoir Media to benefit from a recent upswing in its share price. Its stock, which trades on the Nasdaq, reached a 52-week high of $9.20 per share on Friday (April 26) — and its highest point since May 4, 2022 — and closed at $9.03 on Monday(April 29), up 26.6% year to date. Reservoir Media went public in 2021 by merging with Roth CH Acquisition II, a special purpose acquisition corporation, or SPAC.

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The company’s pipeline of potential deals was roughly $2 billion in total value, CEO Golnar Khosrowshahi said during the company’s Feb. 7 earnings call. “We remain a highly respected and regarded partner,” she said, “and our proven reputation for being a steward for catalogs through value enhancement initiatives allows us to acquire some of the best assets in the market.”

Since its inception in 2007, Reservoir Media has invested $938 million, according to its latest investor presentation — with $770 million of that amount spent on acquisitions of catalogs and companies. It owns Chrysalis Records, Tommy Boy Music and Philly Groove Records and manages artists through Blue Raincoat Music and Big Life Management.

In February, the company reported first-quarter revenue growth of 19%, to $35.5 million, and raised its guidance for full-year revenue to $140 million to $142 million, implying 15% annual growth at the midpoint.

Gains in recorded music and improved digital royalties helped Reservoir Media’s revenue increase 19% to $35.5 million in the fiscal third quarter ended Dec. 31, the company announced Wednesday (Feb. 7). 
Strong results in the quarter allowed Reservoir Media to raise its guidance for its full fiscal year ending March 31. Guidance for full-year revenue increased from a range of $133 million to $137 million to a range of $140 million to $142 million, implying 15% annual growth at the midpoint. Adjusted guidance on earnings before interest, taxes, depreciation and amortization (EBITDA) increased from a range of $50 million to $52 million to a range of $53 million to $55 million, which would be a 16.5% year-over-year improvement. Reservoir Media also raised its guidance when it released its previous earnings in November.  

The results “demonstrate our ability to manage the business and deploy capital to further grow our portfolio,” CEO Golnar Khosrowshahi said during Wednesday’s earnings call. “Along those lines during the quarter, we continued to invest in our business, with an emphasis on further diversifying our portfolio across various music genres.”

Recorded music revenues grew 32%, to $10 million, inclusive of catalog acquisitions. The segment’s digital revenue grew 26% to $6.6 million while physical revenue rose 51% to $1.7 million. Synch revenue doubled to $800,000 and neighboring rights royalties gained 16% to $1 million. 

Publishing revenue dominated total revenue, though, improving 15% to $23.1 million. Publishing’s digital revenues grew 30% to $13.9 million and synch revenue gained 9% to $4 million. Performance, mechanical and other revenue fell from the prior-year quarter. 

Synch revenue from both segments was affected by the writer and actor strikes in 2023, explained CFO Jim Hendlmeyer. A “very promising” ad market helped synch revenue during delays in TV and film production, he added. 

The quarter was also helped by Reservoir Media’s numerous signings and acquisitions, including Theo Katzman, the founding member of Vulfpeck and a collaborator with such artists as Carly Rae Jepsen and Teddy Geiger. In December, Reservoir signed singer-songwriter grentperez, for whom it handles administration and creative aspects with its Australian sub-publisher, Mushroom Music. In October, the company signed a global publishing deal with Joe Walsh. Its last announced acquisition was the catalog of Arthur “Boogie” Smith in November. 

Reservoir highlighted Grammy success for the songwriters and producers on its roster. Among the winners was best folk album winner Joni Mitchell, who signed a publishing administration deal with the company in 2021. Killer Mike, who signed with Reservoir in 2022, won in three rap categories: Best Rap Song (“Scientists & Engineers”), Best Rap Album (Michael) and Best Rap Performance (“Scientists & Engineers”). Elsewhere, Khris Riddick-Tynes’ collaboration with SZA, “Snooze,” won best R&B song and Blue Raincoat Music client Phoebe Bridgers had a hand in four awards, including best rock song, with her group boygenius.

Shares of Reservoir Media increased 6.1% to $7.26 early Wednesday morning before falling to $6.49, down 5.1%, by midday. 

The Billboard Global Music Index — a diverse collection of 20 publicly traded music companies — finished 2023 up 31.3% as Spotify’s share price alone climbed 138% thanks to cost-cutting and focus on margins. Spotify is the single-largest component of the float-adjusted index and has one of the largest market capitalizations of any music company.
The music index was outperformed by the tech-heavy Nasdaq composite, which gained 43.4% with the help of triple-digit gains from chipmaker Nvidia Corp (+239%) and Meta Platforms (+194%). But the Billboard Global Music Index exceeded some other major indexes: the S&P 500 gained 24.2%, South Korea’s KOSPI composite index grew 18.7% and the FTSE 100 improved 3.8%. 

Other than Spotify, a handful of major companies had double-digit gains in 2023 that drove the index’s improvement. Universal Music Group finished the year up 14.7%. Concert promoter Live Nation rode a string of record-setting quarters to a 34.2% gain. HYBE, the increasingly diversified K-pop company, rose 34.6%. SM Entertainment, in which HYBE acquired a minority stake in March, gained 20.1%. 

A handful of smaller companies also finished the year with big gains. LiveOne gained 117.4%. Reservoir Media improved 19.4%. Chinese music streamer Cloud Music improved 15.8%. 

The biggest loser on the Billboard Global Music Index in 2023 was radio broadcaster iHeartMedia, which fell 56.4%. Abu Dhabi-based music streamer Anghami finished 2023 down 34.8%. After a series of large fluctuations in recent months, Anghami ended the year 69% below its high mark for 2023. Hipgnosis Songs Fund, currently undergoing a strategic review after shareholders voted against continuation in October, finished the year down 16.6%. 

Sphere Entertainment Co., which split from MSG Entertainment’s live entertainment business back in April, ended 2023 down 24.4%. Most of that decline came before the company opened its flagship venue, Sphere, in Las Vegas on September 29, however. Since U2 opened the venue to widespread acclaim and earned Sphere global media coverage, the stock dropped only 8.5%.

For the week, the index rose 1.1% to 1,534.07. Fourteen of the index’s 20 stocks posted gains this week, four dropped in price and one was unchanged. 

LiveOne shares rose 15.7% to $1.40 after the company announced on Friday (Dec. 29) it added 63,000 new paid memberships in December and surpassed 3.5 million total memberships, an increase of 29% year over year. iHeartMedia shares climbed 14.6% to $2.67. Anghami continued its ping-pong trajectory by finishing the week up 16.9%. 

Music companies’ third-quarter earnings reports have so far been full of good news and positive trends. Subscription and streaming growth continue to drive revenues for record labels and publishers. Live entertainment continues its post-pandemic expansion. Margins are healthy. Overall, these have been solid report cards for the state of the music business.
Among the companies to report thus far are Universal Music Group, Sony Music, Spotify, Believe, Sphere Entertainment Co., MSG Entertainment, HYBE and SiriusXM. Next week’s earnings reports will come from Warner Music Group (Nov. 16) and Tencent Music Entertainment (Nov. 14). German concert promoter CTS Eventim will report on Nov. 21.

Here are seven items from the earnings releases to date that stood out and deserve more attention.

Universal Music Group struck out against “merchants of garbage.” During Universal Music Group’s Oct. 26 earnings call, chairman and CEO Lucian Grainge got a lot of attention when he bemoaned the “merchants of garbage” — creators of low-value functional music such as generic mood music and nature sounds — that want to be on equal royalty terms at streaming platforms as such UMG artists as Taylor Swift, The Beatles and The Rolling Stones. Grainge’s memorable turn of phrase came in defense of UMG’s artist-centric royalty scheme crafted in partnership with French music streaming service Deezer. “Sorry, I can’t really think of another word for content that no one really actually wants to listen to,” Grainge said.

Spotify’s price increase gave a much-needed uplift to subscription revenues. The price for an individual Spotify subscription in the U.S. was $9.99 from 2011 to July 2023. The price hike to $10.99 in roughly 50 markets may have arrived later than its competitors, but it came just when Spotify needed a boost. Spotify’s premium average revenue per user dropped 6% year over year (1% at constant currency) mainly because the company had a larger share of family plans compared to the prior-year, CFO Paul Vogel said during the July 25 earnings call. Early returns from the price increase in the U.S., U.K. and dozens of other markets helped offset those losses. Because Spotify’s number of subscribers increased 16% year over year to 226 million, subscription revenue grew 10% year over year (16% at constant currency) to 2.9 billion euros ($3.1 billion). With three full months of a price increase in the fourth quarter and considering the price increase covered about 75% of Spotify’s revenue base, the company expects the price increase to provide “a positive, mid-single digit” benefit (excluding foreign exchange) in the fourth quarter, said Vogel.

No company lowered guidance, and some have raised guidance. Sony Music raised guidance for revenue and adjusted operating income before depreciation and amortization by 5% and 4%, respectively. Reservoir Media raised guidance for fiscal 2024 revenue and adjusted EBITDA by 10% each. It’s one thing for a company to meet expectations it had previously laid out to investors. But raising previously released expectations is something else altogether — a sign the future will be better than expected. It’s usually a benefit to the stock price, too. The share price is the present value of future cash flows. When an estimate for future cash flows takes a sudden jump, that changes the financial model used to calculate the share price.

Consumers aren’t slowing their spending on live music. In August, concerns arose that a resumption of student loan payments, paused to help people struggling during the pandemic, would take a bite out of pocketbooks and cause music fans to pull back on the record amounts they were spending on live entertainment. Three months later, there is no indication that consumers are slowing down, according to Live Nation. “We’re seeing no sign of weaknesses,” said president and CFO Joe Berchtold, noting that Ticketmaster’s October sales in North American were up double-digits year over year. “We’re not seeing any pullback in any way from a club to a stadium tour from Milan to Argentina right now,” added president and CEO Michael Rapino.

SM Entertainment has big plans for its new publishing subsidiary, Kreation Music Rights. The K-pop stalwart has been “aggressively recruiting global writers” and plans to have 80 of them under contract this year, CEO Jang Cheol Hyuk said during the Nov. 8 earnings call. SM Entertainment is pursuing collaborations with both domestic and international publishers and plans to recruit foreign writers “who wish to advance into K-pop by establishing overseas subsidiaries,” Jiang said.

Radio advertising continues to struggle — but the clouds may be starting to part. iHeartMedia’s October revenues were down 8% and the company expects its fourth-quarter revenue excluding political revenue to be down in the mid-single digit percent year over year. The fourth quarter will be iHeartMedia’s strongest quarter of the year “but will be weaker than we originally anticipated due to some dampening of advertising demand which coincided with the uncertainty caused by the recent geopolitical events,” CEO Bob Pittman said during Thursday’s earnings call. That said, iHeartMedia’s digital business “is sort of in recovery mode,” said Pittman, and the company is “seeing the pieces falling into place” for radio’s recovery as most advertisers expect to be “back in growth mode…and spending to support that” in 2024.

The market for catalog acquisitions isn’t slowing down. Reservoir Media CEO Golnar Khosrowshahi said catalog prices aren’t contracting despite higher interest rates. “We’re still seeing a lot of demand for assets and continued infusion of new capital within the competitive set,” she said during Tuesday’s earnings call. “And that is certainly fueling the demand. The pipeline is robust. And it ranges in size from large to a lot of smaller deals.” Reservoir Media hasn’t been suffering from sticker shock, though. Acquisitions in the Middle East-North Africa market — such as some catalog of Saudi Arabian label Mashrex in June — provide the company with good value, Khosrowshahi added. “If we’re looking at a market here that is somewhat saturated with a lot of capital in the marketplace, and we’re able to execute [deals in MENA] at these lower multiples, that makes it just that much more attractive to us.”

Reservoir Media said on Thursday it signed publishing deals for the catalogs and future works of Indian rappers MC Altaf and D’Evil and the producer Stunnah Beatz.
The deals are the result of a 2020 joint venture launched by Reservoir and Gully Gang, the label and entertainment group founded by Indian hip-hop star DIVINE. Established to sign and develop talented new songwriters in India, Altaf, D’Evil and Stunnah Beatz’s songs have racked up more than half a billion streams, including on collaborations with DIVINE like “Mirchi” and “Disco Rap” and Gunehgar, an album released late last year.

Investments by music companies based in the United States in artists, publishers and distributors based in Asia and other emerging markets has been growing at a rapid clip in recent years, with the trend expected to grow in 2023 particularly in the area of catalog investment. Luminate cited the opportunities in emerging markets, driven by the continued growth of streaming subscriptions there, as one of the main reasons investor appetite for song catalogs is growing.

India is the 17th-ranked music market globally, and it generated revenues of $219 million in 2021, up 20% from 2020, with streaming revenue jumping 87%, according to IFPI’s Global Music Report.

Founded in 2007, Reservoir has made investing in emerging markets a key prong of its diversification strategy. With its partner PopArabia, an independent music company headquartered in the United Arab Emirates, Reservoir acquired stakes in the Egyptian label 100COPIES, the Lebanese label and music publisher Voice of Beirut and signed publishing deals with Egypt’s Mohamed Ramadan, Lebanon’s Zeid Hamdan and Moroccan hip-hop star 7liwa.

Reservoir Founder and Chief Executive Officer Golnar Khosrowshahi said in a statement, “We’re proud to be ushering in these deals, which demonstrate Reservoir’s steadfast commitment to our ongoing emerging markets strategy. As we invest in these local acts and share them with global audiences, we are well-positioned to not only tap into their potential growth, but also help facilitate the flow of culture from East to West.”

Spek, Reservoir’s executive vice president of international and emerging markets and founder of PopArabia, described MC Altaf, D’Evil, and Stunnah Beatz as three artists “at the heart of some of India’s biggest rap music today.”

Chaitanya Kataria, Gully Gang chief executive officer, said he was “excited that (MC Altaf, D’Evil and Stunnah Beatz) will gain access to new global opportunities with support from Spek and Reservoir.”

De La Soul has made a career of being ahead of the pack. The legendary New York hip-hop trio’s debut album 3 Feet High and Rising was beloved upon its 1989 release because of its hippy-esque, hyper-positive approach and unpredictable sampling, often being cited as the genesis of what’s referred to as “alternative hip-hop.” De La also co-founded the Native Tongues collective, alongside like-minded groups the Jungle Brothers and A Tribe Called Quest, and kicked off what the group referred to as the “D.A.I.S.Y. Age” (short for DA Inner Sound, Y’all) in rap – though they would move beyond that early sound and image in acclaimed subsequent releases like 1991’s De La Soul is Dead and 1996’s Stakes Is High. 

So when music industry red tape and sample clearances prevented their all-time great catalog from becoming available on digital marketplaces and streaming services, their modern-day accessibility suffered in a way unfitting of their massive legacy. Still, the trio continued to make their presence felt in other, less-conventional spaces. 

In 2009, they connected with Nike to release Are You In?, an album that was part of the company’s Original Run series. Five years later, the group celebrated the 25th anniversary of 3 Feet High, by making nearly their entire catalog up to that point — six albums between 1988 and 2001 — available for free download, essentially bootlegging their own music. And in 2015, they launched a Kickstarter campaign to fund their ninth album, the live band-backed …and the Anonymous Nobody. They’ve stayed busy on the road, while also making a huge crossover appearance on Gorillaz’ Grammy-winning 2005 smash “Feel Good Inc.,” and most recently scoring a major synch for their 3 Feet single “The Magic Number” in the 2021 blockbuster Spider-Man: No Way Home.

But in 2021, the rights to De La Soul’s former label Tommy Boy were acquired by the music rights firm Reservoir Media — with whom the group secured a deal to retrieve their masters, finally giving them the ability to re-release their music on their own terms. Now, their first six albums will all be available on streaming platforms (along with exclusive merch, vinyl, CDs and cassettes), via their label AOI, distributed by Chrysalis Records. The campaign starts on January 13, with “The Magic Number” being made available for streaming and their website hosting a 7″ vinyl and cassette single for sale — and the group’s first six albums are scheduled to arrive in full on streaming on March 3. 

Billboard spoke to two-thirds of the group, Posdnous and Dave, about the path to getting control of their music, whether or not they think hip-hop is currently accommodating veteran artists, and their take on the 21 Savage and Nas debate over “relevance.”

What happened within the last year or two years that made it possible to finally reach the point where the albums are coming out?

Posdnous: When the catalog got back in the hands of the original owner, Tom Silverman, he was in the process of clearing things and trying to get the music up. But he basically wanted for us to pay for old debts, that would have obviously been written off. That stalled it for the next three or something years after he got the music back. He wanted to put it back up, but we didn’t want to put it up until worked out a better deal.

I’m not trying to be correct and political; I wish that man no harm in his life. And I don’t mean physically, I mean in terms of his name. At one point, people could feel like that was being tarnished; there were a lot of fans who loved us and were disrespecting him in comments, and that wasn’t what we were trying to do at all. We just wanted to benefit from our work. It almost felt like we were being erased from history, because our music wasn’t up. 

When Reservoir acquired it, they worked out what we needed to be worked out, which was great. But once it got into our hands, along with Reservoir assisting us, once again, there were a lot of samples and things that needed to be taken care of. It was long, but it wasn’t grueling. What’s great is that a lot of these owners, writers, and publishers were De La Soul fans, and they had publicly understood what was going on. They were happy to see that was in our hands now, and when we went to try to clear things, everyone pretty much came to the table to really work it out and get it done. 

It was a long journey when we got to this point, but it was still a great journey to see that people were willing to help. People weren’t trying to make it that hard for us. And we got to really revisit a lot of the albums, which brought about a lot of great memories. 

As outsiders, a lot of those conversations seem to focus on the ultimate goal of acquiring the masters. But for you guys, it sounds like acquiring the masters is where everything began, not where it started.

Dave: Yeah, it actually did begin at that point. You think that you own your stuff and that now it’s on cruise control, waiting for the checks to come in. But it is not that way at all. There’s a lot to do. Maybe you’re lucky and you don’t have to clear samples, maybe you don’t have to broker deals with different publishers, and there’s no one around to claim anything or to risk anything. But we had a job to do. 

If we didn’t have the help of Reservoir, who picked up the project and is collaborating with us to do this release, I don’t know where we would turn to. It would have been even more work. So you do need collaborators, you do need help, you do need to rework back into the system and not necessarily be the lone commissioner of this project. You need allies, you need companies to work with, you need people to hire, and we learned a big lesson from that. It definitely wasn’t just, “We got our masters back!” It ain’t that.

With this music coming out again, you’ve got diehard fans who’ve been around the whole time who are going to finally have it on streaming, as well as fans who have wanted to hear your music but didn’t have the opportunity because it wasn’t on DSPs, and people who have rarely known much about you at all. How do you plan to reach out to all these newer fans? 

Posdnous: We’re blessed to have people even feel that this is classic music, that it was very important to different references within the timeline of hip-hop. All I’m trying to say is that it’s still a part of what we were already doing. If we’re rolling with the Gorillaz, all those fans have been De La fans. If we never missed as one of the longest-touring groups in hip-hop from almost 15 years ago, we’re already seen as a generational group. 

Our fans passed us down to their children. We always have people say, “I found out from you from my uncle, my brother, my moms.” So as much as our music needed to be up in this digital world, the people who were touched by our music made sure that it didn’t lose a beat in their life, and they made sure people around them learned about it. 

In my DMs, a person was like, “Yo, after [“The Magic Number” appeared in Spider-Man: Long Way From Home], I couldn’t find it, then my grandfather pulled out his [record] and showed me.” I know my age, but I still feel like I’m cool as s–t, so this is weird that I could be a grandfather. [Laughs.] But it’s all coming together, and it’s great that the music that needs to be up [on streaming] will be there. 

Usually, when we’re speaking about acts in hip-hop that have been out for a long time, we don’t even speak about them in terms of getting new fans; we just think about them in terms of catering to the fans that they’ve already had. Is finding new fans something that you guys find important?

Dave: I wouldn’t say important. But the opportunity for people to hear this thing regardless of what they know about it, and maybe inspire some kid that wants to be different or sound odd, and gain fans at the same time, it’s something that we appreciate and want to happen. It isn’t really about, “We got to do something for these people who’ve never heard our music,” it’s just that the exposure could open so much more. We want people to hear it, and maybe run off and do something amazing that’ll impress us, and it keeps going back and forth. 

We’ve always talked about the lopsided aspect of hip-hop. I think hip-hop has a sound right now that needs balancing. It’s important to us that we create balance and pull people in and make this thing bigger and better. And if our music can be a part of that, then yeah, we’re trying to do that.

Over the past five to six years, there are more rappers in their mid-to-late 40s who are still making great music — whether it’s Hov, Nas, Busta. But I feel like your music had already matured considerably by the first Art Official Intelligence album in 2000. Rap has long been criticized for not respecting its veterans enough. Where do you think hip-hop is now in terms of respecting the artists who have actually paid their dues?

Posdnous: I still think it has a ways to go. We learn from our own elders — when you really think about it, my elder was like a Melle Mel, he was maybe 17 when he started what he was doing. Now, in this friendly competition – when it was friendly, it was still about, “I’m better than you.” There’s a level of respect that sometimes is not really there fully. Because we just really gotta learn to respect ourselves, to respect each other, and didn’t respect the entire craft. But as a group, we’re blessed to be here. 

I feel the majority of our music fits into something that feels timeless. There always will be a reason to say “One Love,” and you can hear all these great Bob Marley records. There’s always a reason to say “Fight the Power.” So these things that, unfortunately, still exist in the world, the music will be relevant to it. And I think that it’s the same with us. There’s always a level of understanding yourself, individualism, “Me, Myself, and I”; there’s a reason for those albums and those in those worlds to exist. 

What I’ve actually loved and appreciated about some of the younger guys, they’re really honest and saying, “Even I don’t see myself talking about popping bottles, bugging out, and drinking lean when I’m 31.” They’re thinking of it like, “This s–t is just a way to get me to where I need to be. So when it’s over, all these business moves I made, I’m good.” But it is good when you can see those same people respect what has gotten them there. 

I don’t think that hip-hop is the only victim. We use the internet all day long, and no one would necessarily care who created the internet. I think hip-hop is the same way. I tell younger kids, “When it comes to some street s–t, though, you respect who Al Capone is. That’s the same reason you should respect who Kool Herc is. These people helped create this tool that you use to better your life.”

Along with all of the incredible music you guys did for the first six albums, you guys have been responsible for a couple of my favorite moments in the past 10 years. One of them is when you guys basically bootlegged your own catalog. What was that experience like, and what did you learn from it that you can apply to this experience of putting it back out on streaming?

Posdnous: I’m not sure what the other guys would say, but I didn’t really learn anything. It’s what I already knew. And I feel like I could say that about the rest of the group. We knew how much people wanted and needed this music. Without the music even being up, we were still blessed to be a group that was always afforded or awarded the opportunity to travel all over the world. Everywhere we go, there was people who are so grateful for us to be there, letting us know, “but d–n, where’s your music?” 

And we were trying our best to explain to Warner, who was in control of our music at that point, “Yo, it’s really in your best interest, along with us, to figure this out.” Because people wanted it. They were mad. But what was great about it was it helped them to see the data, that “yo, we really should be working to get this s–t out.” So it wasn’t a learning experience (for us). It was helping other people who needed to know to learn that we were still valuable to this culture.

You guys also had the Kickstarter campaign for the album …and the Anonymous Nobody. What was that process like doing for the first time, and being able to connect with your fans directly versus working with a label?

Posdnous: There were way more pros than cons. The cons, for me, were the phone calls that we spent working and figuring all that out man, they were long. And like you said, we’re men who have families and other responsibilities, along with just the responsibilities of being De La Soul. I almost felt — and I know Dave has said this as well — like, “Yo, are we begging for money?” 

When we started this process of working on the album, we were working on a conventional De La album in the sense of producers getting us beats and we write rhymes over them. That was happening, and that album was going to be called You’re Welcome. But we just started working on this band project, and it just took on such a refreshing level to our creative psyche. Even friends of ours in the industry who happened to work at labels, they were like, “Yo, we’ll give you money for this.” So it wasn’t even like there wasn’t interest in putting out this album with labels. But it was a level of understanding that maybe we should put it out ourselves. So that took a lot of time to understand what Kickstarter was and how it’s being applied. It was a learning process, and it was fun learning it. 

I feel weird asking this, just because you’re about to re-release six albums at once. But where are you guys with new music? You’ve spoken about the album with Primo and Pete Rock; I saw Prince Paul speak about work on a new De La album…

Posdnous: We definitely have a lot of work to do. We definitely want to get something done with Paul. What Paul was just referring to was the work he was putting in and helping us with the older catalog. So it’s not like we were working on new projects, but we’ve all discussed that as well. With Premo and Pete Rock, it’s the same thing. We were so drawn into what to do with this [release of the older material]. And then if there’s times where if we don’t have a lot on our table, we were like, “Let’s get up.” 

But maybe Preem had too much to do, or then Pete was running the world doing what he had to do. We were just so at a point – and I know De La is [at that point] – of just wanting it to sound the way it needs to sound. So we was willing to keep trying to put in the work to get the right music. We have a few, and we just need a few more. [sighs] I really want that to come out, God willing. Me and Preem actually spoke about two weeks ago when I was in New York. “Come through, let’s try to cook some stuff up.” So hopefully we can get that done soon. A Gangsta Grillz with Drama would hit too, I would love to do that. So there’s a lot of things that I would love to see done. With new music, for me, it’s always about new along with what’s classic, what’s timeless. 

Funny enough, Yasiin was around us not too long ago, he was always saying that, “As a musician, I just always want to put music out. I want to put something to something.” I was like, “Yeah,” and I totally agree. That’s why you always see me pretty much [recording] out of the group. I’m always featuring on something else, keeping the pen sharp and my mind moving with doing music.

There was a big conversation recently about 21 Savage and Nas, and the idea of “relevance.” They already worked out any misunderstandings there may have been, and made a song together. But I think that De La is interesting, in the sense that the music has lived on, and you’ve also done things that have kept you relevant – whether it’s releasing all your music that I mentioned before, the Kickstarter campaign, or your song appearing in the Spider-Man movie. Should relevance be a conversation for older artists, or is it just something you’ve done well?

Posdnous: Whether anyone wants to admit it or not, relevance will always be a conversation. But what is your checklist on why or what makes you relevant? My son is 17, and he has learned why Martin Luther King Jr. is relevant. But he can see a kid next to him from another culture, another race, who doesn’t find no relevance. They may know who he is, but they can just be like, “aight.” But does that stop Martin Luther King from being relevant? My son is perceived as African-American, but I understand why he immediately can click into it and some people won’t. 

Same with music. I may see the name De La here and there, but that may not hold relevance to me, because I’m from the Bay, and they don’t mean something to me the way the OG E-40 means something to me. I could care less about sea moss when I was younger, I would never touch that s–t; now, I can’t go a day without my sea moss. [Laughs.] 

Something can come into your life and you’ll be like, “D–n, I was really trying to like stay away from it. This is great.” I’ve had the biggest De La fans be like, “Yo, man, I can’t front, that [1993 album] Buhloone Mindstate, I wasn’t f–king with that when it came out.” And guess what? They can turn around now and be like, “now that I’m in my late 30s, this Buhloone Mindstate hits different now!” Things are meant to find people. I think that everything can stay in a place where it will hold its relevance to who it needs to hold it to. Some people will join in, some people will never join in, but you can’t let that s–t bother you, man. 

The 21 thing was taken out of context, but a lot of young people try to shoot that gun at the OG, because the people who love the OG are so quick to down the young people on what they’re doing. But people around them are making them feel that since they’re young, what they’re doing doesn’t mean anything to the culture. And I feel that is 100% wrong. I didn’t sound like Kool G. Rap, I didn’t sound like Run-DMC. But you’re not going to tell me I didn’t know everything about Kool G. Rap and everyone else who was down with him, and I didn’t need someone trying to tell me to take my “Flower Power” s–t and get the f–k out the way. So you got to just kind of let these kids be who they are. 

I do feel that a lot of the content can be poisonous; it can be unhealthy if that’s all you’re listening to. So if we have a problem with that, I as the OG shouldn’t have a problem talking with these younger kids and hanging with them. But to make them feel bad when they’re just using what they’re given? I’ve always grown up to be the type of person who is like, “Maybe I should have been did a better part, maybe Native Tongues should have been a better part.” I think that’s a better way to approach it, than to act like these kids landed from a whole ‘nother planet to f–k up hip-hop.

Looking back at your catalog and seeing that it’s about to come out again now, is there anything that you’ve done that you think would be seen differently if it dropped now versus when you dropped it before? 

Dave: I think 3 Feet High and Rising, as much as people might claim it to be a hip-hop masterpiece – it’s a hip-hop masterpiece for the era in which it was released. I think the element of that time of what was taking place in music, hip-hop, and our culture, I think it welcomed that and opened up minds and spirits to see and try new different things. I think releasing 3 Feet High and Rising right now, even to maybe the age group that was listening back then, I think hip-hop as a whole just wouldn’t get it. I think hip-hop would possibly look at it as obnoxious, soft, that kind of thing. 

But I think it’s also because where we’re at in hip-hop right now, hip-hop is about what you got on, who you’re impressing, what can you do, how much you got, how much you’re spending, and how much is in that bag that you got around you? I don’t think the impact of what 3 Feet High and Rising and what it meant back then would mean anything now. I feel like there are people who will get it, but I don’t know if there’s that acclaim to it in this day and age if it was something we’d never heard before. 

I think the innocence that we had back then was brave, but we were in a time where innocence was so cool. Not sampling James Brown, but sampling Liberace; I think it was shocking [when] we came out [that] we sampled Liberace. I don’t know if it’d impact the same way [now]. 

I was thinking yesterday about something I think I’ve taken for granted with De La: How have you three stayed together all this time?

Dave: Man. It ain’t easy, but it’s the reality, it seems like. Even during the pandemic, I think there were talks of doing solo albums, or feeling like one person might want to record something at home and start working. There’s always been talk about stuff like that, Mace and Pos pushing me, like, “Yo, do a record.” We support each other in those ideas –, but at the same time, I think the magic really happens when it’s the three of us. I’m not trying to crack that formula, and I don’t think anyone else is, either. 

When you get mad, and somebody blew your high, and maybe even somebody might feel disrespected – when those things happen, they’re real. We might not speak to each other for three weeks or months. But at the end of the day, when you’re craving that magic, that high that we get, you revert back to brothers and family. It’s like, “Yo, I think we need to talk about what happened.” For the sake of getting that feeling back, that’s really it. I think everybody could move on and do their own thing, and maybe not do their thing at all and just chill. But the magic happens with us three on the phone, in the same conversation, in the room together, in the studio, and hanging out on the tour bus. That’s where the magic happens, so that’s why we’re still here. We don’t want to interrupt that magic.

If a new group was asking you guys for advice on how to stay together, what would you say?

Dave: Fight, but remember that you’re fighting for the team. Even if you don’t agree, you’re fighting to get your point across for the team, not for you personally. Sometimes, we hold our tongue and we’re not as honest as we could be. One person is talking to someone else in the group, and they become allies. Taking one person’s problem and going to talk to his or her group of friends over here, and that becomes some sort of animosity. 

Nah, man. I say this because many of my friends are people I know in the industry, and that’s how the breakups happen. Sometimes it’s about money, but then there’s an element of: We don’t get along because we haven’t been honest with each other. Get through that honesty, move on, and keep going – because it feels good going. Fight it out, get it all out, and come back know

Reservoir Media has acquired the catalog of Louis Prima from the Gia Maione Prima Foundation, the company announced Thursday (Oct. 20). The deal encompasses rights to both his publishing and recorded music.

One of the greatest artists, trumpetists and songwriters of the big band era, New Orleans-born Prima’s catalog includes decade-defining songs like “Sing, Sing, Sing,” which he both wrote and recorded. His catalog also includes famous renditions of standards like “I’m Just a Gigolo (I Ain’t Got Nobody),” “Pennies from Heaven,” “Let’s Call the Whole Thing Off” and “Buona Sera (Good Night).” “Pennies from Heaven,” in particular, has had a recent renaissance thanks to TikTok users, with nearly 300,000 short videos having been created to the song to date, reestablishing it with a new generation of music fans.

Prima’s prominence in popular culture was also immortalized through his voice role as King Louie, the orangutan from Disney’s 1967 animated film The Jungle Book, which features Prima’s classic track “I Wan’na Be Like You (The Monkey Song).”

In the intervening years, Prima’s songs have been covered and re-recorded countless times, including by the Charlie Calello Orchestra (“Sing, Sing, Sing”), Reba McEntire (“Sunday Kind of Love”) and The Brian Setzer Orchestra (“Jump, Jive an’ Wail”). In 2018, Kids See Ghosts — the rap project comprised of Kanye West and Kid Cudi — sampled Prima’s “What Will Santa Claus Say (When He Finds Everybody Swingin’)” on their song “4th Dimension.”

Rell Lafargue, Reservoir president and COO, commented of the acquisition, “Louis Prima composed and recorded some of the most iconic swing music of all time – his name and the genre are practically synonymous. We are honored to represent his catalog, working to drive deeper recognition of his legacy for generations to come.” He added, “Born and raised in Louisiana myself, I am proud to partner with Tony Sylvester from the Gia Maione Prima Foundation, particularly to further support their impactful work in the city of New Orleans.”