XML 25 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

REVENUE | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE The following table sets forth the Company’s disaggregated revenues for the three and six months ended June 30, 2024, and 2023, as well as the relative percentage to total revenue:
|  |  |  |  |  |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  |  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Direct Business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct-to-Consumer |  |  |  |  |  |  |  |  | 8,031 |  |  | 65 | % |  | 7,243 |  |  | 51 | % |  | 16,102 |  |  | 66 | % |  | 14,726 |  |  | 56 | %
Partner Direct Business |  |  |  |  |  |  |  |  | 1,743 |  |  | 14 | % |  | 1,081 |  |  | 8 | % |  | 3,216 |  |  | 13 | % |  | 2,184 |  |  | 8 | %
Enterprise |  |  |  |  |  |  |  |  | 66 |  |  | 1 | % |  | 97 |  |  | 1 | % |  | 134 |  |  | 1 | % |  | 194 |  |  | 1 | %
Total Direct Business |  |  |  |  |  |  |  |  | 9,840 |  |  | 79 | % |  | 8,421 |  |  | 60 | % |  | 19,452 |  |  | 80 | % |  | 17,104 |  |  | 65 | %
Content Licensing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Library sales |  |  |  |  |  |  |  |  | 1,172 |  |  | 10 | % |  | 3,101 |  |  | 22 | % |  | 2,040 |  |  | 8 | % |  | 3,918 |  |  | 15 | %
Presales |  |  |  |  |  |  |  |  | 145 |  |  | 1 | % |  | 514 |  |  | 4 | % |  | 441 |  |  | 2 | % |  | 1,715 |  |  | 6 | %
Total Content Licensing |  |  |  |  |  |  |  |  | 1,317 |  |  | 11 | % |  | 3,615 |  |  | 26 | % |  | 2,481 |  |  | 10 | % |  | 5,633 |  |  | 21 | %
Bundled Distribution |  |  |  |  |  |  |  |  | 1,084 |  |  | 9 | % |  | 1,453 |  |  | 10 | % |  | 2,226 |  |  | 9 | % |  | 2,869 |  |  | 11 | %
Other |  |  |  |  |  |  |  |  | 154 |  |  | 1 | % |  | 608 |  |  | 4 | % |  | 237 |  |  | 1 | % |  | 878 |  |  | 3 | %
Total revenues |  |  |  |  |  |  |  |  | $ | 12,395 |  |  |  |  | $ | 14,097 |  |  |  |  | $ | 24,396 |  |  |  |  | $ | 26,484 |  |  |
REMAINING PERFORMANCE OBLIGATIONS As of June 30, 2024, the Company expects to recognize revenues in the future related to performance obligations that were unsatisfied as follows:
| Remainder of Year Ending December 31, 2024 |  | Year Ended December 31, |  |  |
(in thousands) |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Remaining performance obligations | $ | 513 |  |  | $ | 616 |  |  | $ | 96 |  |  | $ | 49 |  |  | $ | 24 |  |  | $ | 1,298 |
These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (a) contracts with an original expected term of one year or less or (b) licenses of content that are solely based on sales or usage-based royalties. DEFERRED REVENUE Contract liabilities (i.e., deferred revenue) consist of subscriber and affiliate license fees billed that have not been recognized, amounts contractually billed or collected for content licensing sales in advance of the related content being made available to the customer, and unredeemed gift cards and other prepaid subscriptions that have not been redeemed. Total deferred revenues were $14.0 million and $14.6 million as of June 30, 2024, and December 31, 2023, respectively, with the non-current portions of $0.5 million and $0.6 million as of June 30, 2024, and December 31, 2023, respectively, included in other liabilities on the consolidated balance sheets. For the six months ended June 30, 2024, the Company recognized revenues of $10.5 million related to amounts deferred as of December 31, 2023 TRADE AND BARTER TRANSACTIONS In the second quarter of 2023, the Company began entering into trade and barter transactions primarily for the purpose of exchanging content assets through licensing agreements with media counterparties. Certain transactions may also include the exchange of advertising, whereby the Company and its counterparty exchange media campaigns or other promotional services. For content acquired through trade and barter transactions, the Company records the acquired assets in the consolidated balance sheet and amortizes those assets over the term of the content license, in accordance with the Company’s content and amortization policies. For other products and services received through trade and barter transactions, the Company records operating expenses upon receipt of such products and services, as applicable. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable; in which case, the consideration is measured based on the standalone selling price of the services provided. For an exchange of content, the performance obligation is satisfied at the time the content is made available for the counterparty to use, which represents the point in time that control is transferred. For advertising, the performance obligation is satisfied upon the Company’s delivery of the media campaign or other service to the counterparty. For the three and six months ended June 30, 2024, and 2023, trade and barter revenues were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Trade and barter license fees: Content Licensing | $ | 864 |  |  | $ | 2,467 |  |  | $ | 1,088 |  |  | $ | 2,467 |
Other trade and barter revenue* | — |  |  | 300 |  |  | — |  |  | 524 |
Total trade and barter revenues | $ | 864 |  |  | $ | 2,767 |  |  | $ | 1,088 |  |  | $ | 2,991 |
* Other revenue primarily relates to other marketing services
For the three and six months ended June 30, 2024, and 2023, trade and barter advertising and marketing expenses were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Trade and barter advertising and marketing | $ | — |  |  | $ | 250 |  |  | $ | — |  |  | $ | 524 |
For the six months ended June 30, 2024, and 2023, additions to content assets resulting from trade and barter transactions were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Trade and barter additions to content assets | $ | 864 |  |  | $ | 2,467 |  |  | $ | 1,088 |  |  | $ | 2,467 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration