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REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The following table sets forth the Company’s disaggregated revenues for the years ended December 31, 2025, and 2024, as well as the relative percentage to total revenue.
Year Ended December 31,
(in thousands)20252024
Direct Business:
Direct-to-Consumer$23,763 33%$31,332 61%
Partner Direct9,850 14%7,260 14%
Total Direct Business33,613 47%38,592 75%
Content Licensing:
Library sales*
33,233 46%7,357 14%
Presales— —%441 1%
Total Content Licensing33,233 46%7,798 15%
Bundled Distribution3,379 5%3,937 8%
Other1,433 2%807 2%
Total revenues
$71,658 $51,134 
* Amounts includes $12.6 million and $4.5 million from trade and barter transactions for the years ended December 31, 2025, and 2024, respectively.
REMAINING PERFORMANCE OBLIGATIONS
As of December 31, 2025, the Company expects to recognize revenues in the future related to performance obligations that are unsatisfied as follows:
Year Ended December 31,
(in thousands)2026202720282029ThereafterTotal
Remaining performance obligations$2,467 $506 $296 $94 $12 $3,375 
These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of content that are solely based on sales or usage-based royalties.
DEFERRED REVENUE
Contract liabilities (i.e., deferred revenue) consists 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. Approximately 90% of the contract liability balance relates to annual subscriptions.
As of December 31, 2025, and 2024, total deferred revenues were $8.7 million and $11.4 million, respectively, with non-current portions of $0.3 million and $0.4 million, respectively, which are recorded within other liabilities in the consolidated balance sheets.
The decrease of $2.6 million in the contract liability balance during the fiscal year ended December 31, 2025, was primarily driven by a $2.5 million decrease in deferred revenue from Direct-to-Consumer (DTC) subscriptions. This decline is consistent with an overall decrease in the Company's subscriber count during the year ended December 31, 2025.
The following table provides a roll-forward of the contract liability balances for the fiscal year ended December 31, 2025:
(in thousands)20252024
Balance at beginning of period$11,350 $15,172 
Revenue recognized in the current period from beginning balance(10,951)(14,671)
New deferrals, net of amounts recognized in current period8,334 10,849 
Balance at end of period$8,733 $11,350 
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.
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, beginning at the time the asset is published, 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 years ended December 31, 2025, and 2024, trade and barter revenues were as follows:
Year Ended December 31,
(in thousands)
20252024
Trade and barter license fees: Content licensing
$12,573 $4,530 
For the years ended December 31, 2025, and 2024, trade and barter costs of revenue were as follows:
Year Ended December 31,
(in thousands)
20252024
Trade and barter costs of revenue$18 $— 
For the years ended December 31, 2025, and 2024, additions to content assets resulting from trade and barter transactions were as follows:
Year Ended December 31,
(in thousands)
20252024
Trade and barter additions to content assets
$12,555 $4,530