The Company’s deferred production content costs for its original immersive productions are included within Other non-current assets in the accompanying condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, total deferred immersive production content costs consisted of the following:


	As of
	March 31, 2026		December 31, 2025
Production content:
Released, less amortization	$	126,827	$	133,915

In-process	41,747		36,877

Total production content	$	168,574	$	170,792

The following table summarizes the Company’s amortization of production content costs, which are reported in Direct operating expenses in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 as follows:

(a) For purposes of amortization and impairment, each deferred immersive production content cost is classified based on its predominant monetization strategy. The Company’s current original immersive productions are monetized individually. Refer to Note 2. Summary of Significant Accounting Policies, Production Costs for the Company’s Original Immersive Productions, to the Audited Consolidated Financial Statements included in the Form 10-K for further explanation of the monetization strategy.