Against the backdrop of continued streaming and revenue growth for Latin music, Reservoir Media has officially acquired the catalog of veteran songwriter and producer Rudy Perez.
New York City-based Reservoir formally announced its tie-up with Pinar del Río, Cuba-born Rudy Perez today. According to the involved parties, the agreement encompasses both a buyout of the 65-year-old’s existing body of work and a publishing futures deal.
Though Reservoir hasn’t disclosed the exact financials behind the partnership, the publicly traded business (shares in which are up about 33 percent from October of 2022) did make a point of highlighting the professional achievements of the Latin Recording Academy co-founder Perez.
Across his decades-long career, the Bullseye Music owner Perez has penned a number of tracks performed by commercially prominent acts, among them Julio Iglesias (“Esos Amores” and several others), Luis Fonsi (who sold his own catalog early last year), Puerto Rico’s Jerry Rivera, Beyoncé, and Christina Aguilera (including the majority of Mi Reflejo), with production credits on many of the efforts as well as multiple Michael Bolton releases.
Addressing the deal, the multi-time ASCAP Latin Music Songwriter of the Year Perez communicated: “I’m thrilled to be a part of the Reservoir family. I look forward to collaborating on new projects with their entire team as I embark on the next phase of my career.”
Meanwhile, Reservoir EVP John Ozier described the newly finalized pact as the result of a years-long discussion with Perez and his team.
“Rudy is a trailblazer,” the almost five-year Reservoir exec Ozier relayed in part. “He and Latin music are so deeply intertwined, and his fingerprints are all over so many of the genre’s biggest hits. I’ve been talking with Rudy and his team for five years, which makes closing this deal a big moment for me personally.”
In August, Reservoir posted a double-digit Q2 2023 (the first quarter of its 2024 fiscal year) revenue increase – and acknowledged an array of in-the-works IP purchases. The business is reportedly preparing to unveil its Q3 2023 financials in November, after investing in the song rights of rock singer-songwriter Greg Kihn, Cairo-based RE Media, and Egyptian rap duo El Sawareekh during the period.
And in terms of the initially mentioned growth of Latin music, the reportedly streaming-heavy genre turned in a 22 percent consumption-volume spike in the U.S. through the first 34 weeks of the year, per a recently published analysis.