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Revenue
 12 Months Ended
Mar. 31, 2023
Revenue  
Revenue

Note 3 — Revenue

 

The following table represents a disaggregation of revenue from contracts with customers for the years ended March 31, 2023 and 2022 (in thousands):


 

 

Year Ended March 31,

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

Membership services

 

$

52,388

 

 

$

41,264

 

Advertising

 

 

35,143

 

 

 

33,739

 

Merchandising

 

 

10,830

 

 

 

15,447

 

Sponsorship and Licensing

 

 

429

 

 

 

7,051

 

Ticket/Event

 

 

821

 

 

 

19,518

 

Total Revenue

 

$

99,611

 

 

$

117,019

 

 

For some contracts, the Company may invoice up front for services recognized over time or for contracts in which the Company has unsatisfied performance obligations. Payment terms and conditions vary by contract type, although terms generally cover monthly payments. In the circumstances where the timing of invoicing differs from the timing of revenue recognition, the Company has determined its contracts do not include a significant financing component. The Company has elected to apply the practical expedient under ASC 606-10-50-14 and not provide disclosure of the amount and timing of performance obligations as the performance obligations are part of a contract that has an original expected duration of one year or less. 

 

For the years ended March 31, 2023 and 2022, one customer accounted for 44% and 28% of our consolidated revenues, respectively.


The following table summarizes the significant changes in contract liabilities (deferred revenue) balances during the years ended March 31, 2023 and 2022 (in thousands):

 

 

 

Contract Liabilities

 

Balance as of April 1, 2021

 

$

1,262

 

Revenue recognized that was included in the contract liability at beginning of the year

 

 

(1,262

)

Increase due to cash received, excluding amounts recognized as revenue during the year

 

 

1,157

 

Balance as of March 31, 2022

 

 

1,157

 

Revenue recognized that was included in the contract liability at beginning of the year

 

 

(506

)

Increase due to cash received, excluding amounts recognized as revenue during the year

 

 

341

 

Balance as of March 31, 2023

 

$

992