v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 2025
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, 2025, and 2024, as well as the relative percentage to total revenue:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Direct Business:
Direct-to-Consumer
6,053 32%8,097 65%12,583 37%16,236 67%
Partner Direct
2,329 12%1,743 14%4,509 13%3,216 13%
Total Direct Business8,382 44%9,840 79%17,092 50%19,452 80%
Content Licensing:
Library sales
9,341 49%1,172 9%14,753 43%2,040 8%
Presales— —%145 1%— —%441 2%
Total Content Licensing9,341 49%1,317 11%14,753 43%2,481 10%
Bundled Distribution921 5%1,084 9%1,493 4%2,226 9%
Other368 2%154 1%764 2%237 1%
Total revenues
$19,012 $12,395 $34,102 $24,396 
REMAINING PERFORMANCE OBLIGATIONS
As of June 30, 2025, the Company expects to recognize revenues in the future related to performance obligations that were unsatisfied as follows:
Remainder of
Year Ending
December 31,
2025		Year Ended December 31,
(in thousands)
202620272028ThereafterTotal
Remaining performance obligations$1,680 $676 $306 $144 $85 $2,891 
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 $10.0 million and $11.4 million as of June 30, 2025, and December 31, 2024, respectively. The non-current portions of $0.4 million as of June 30, 2025, and December 31, 2024, respectively, are included in other liabilities in the consolidated balance sheets.
For the six months ended June 30, 2025, the Company recognized revenues of $8.1 million related to amounts deferred as of December 31, 2024.
TRADE AND BARTER TRANSACTIONS
During 2025, the Company continued to enter 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, 2025, and 2024, trade and barter revenues were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)
2025202420252024
Trade and barter license fees: Content Licensing
$1,857 $864 $3,573 $1,088 
For the three and six months ended June 30, 2025, and 2024, trade and barter cost of revenues were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)
2025202420252024
 Cost of revenues $16 $— $18 $— 
For the six months ended June 30, 2025, and 2024, 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)
2025202420242023
Content assets acquired$1,841 $864 $3,555 $1,088