Evolves Value Enhancement Efforts for Reservoir’s Expansive IP Portfolio through Sustainable, Scalable, and Replicable Immersive Entertainment Experiences

Reservoir Media, Inc. (NASDAQ: RSVR), an award-winning independent music company, today announced an investment in London-based entertainment company, Lightroom, which creates IP-led immersive entertainment experiences. As part of its investment, Reservoir will provide best-in-class IP for Lightroom’s immersive experiences.

Working directly with the world’s biggest stars, Lightroom produces shows that are commercial and critical hits with long-term international appeal. The company opened its flagship London venue in February 2023 with its first show David Hockney: Bigger and Closer, a 60-year retrospective exhibit of the famous artist’s life and work. With a focus on the IP around which it builds shows, Lightroom has successfully launched three additional shows in its London venue: The Moonwalkers: A Journey with Tom Hanks, unfolding the story of the Apollo missions narrated by Tom Hanks, Vogue: Inventing the Runway, exploring the history of the fashion runway narrated by Cate Blanchett, and developed in collaboration with Anna Wintour, and its latest program Prehistoric Planet: Discovering Dinosaurs, with a score by Hans Zimmer. Music-themed Lightroom productions have included a Billie Eilish album launch for Hit Me Hard and Soft in partnership with Spotify and Coldplay’s A Film for the Future, the exclusive 360° visual accompaniment to the band’s #1 album Moon Music.

Lightroom is currently live in five cities, having welcomed over one million visitors worldwide, and will be in 12 cities across the globe by the end of the year. The company recently brought it’s The Moonwalkers show to Boston and has plans to accelerate content production, scale internationally, and become the world leader for IP-led immersive entertainment. In May 2025, Lightroom also announced a major new partnership with Culturespaces, which will see Lightroom shows presented across Culturespaces’ network of European venues which attract five million visitors a year. The company is well-positioned within the global immersive entertainment industry, which was valued at $95.6 billion in 2023 and is expected to grow 24% over the next 10 years.

Reservoir Founder and Chief Executive Officer Golnar Khosrowshahi commented, “Richard and the Lightroom team have set a new standard with their exceptional storytelling and proven model for sustainable, replicable, and scalable one-of-a-kind immersive experiences that strongly aligns with our values around creative integrity.” She added, “We see meaningful opportunity in this high-growth vertical, and this investment is an opportunity to enhance the value of our music assets, capitalizing on milestone moments, as well as our evergreen music catalog, to create shows rooted in IP.”

Lightroom Chief Executive Officer Richard Slaney added, “We’re thrilled to welcome Reservoir Media to our wide-ranging group of investors. Lightroom’s growth within the immersive sector has been driven by strategic investors and partnerships, and we look forward to working with Golnar and the whole team at Reservoir to tap into their expertise, in the music sector and beyond.”