Revenue Recognition

12 Months Ended

Dec. 31, 2019

3. Revenue Recognition

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue source (in thousands):


	Year ended December 31,
	2019		2018
Product
Marketplaces	$	75,787	$	83,458
Media		8		—
Service
Marketplaces		13,838		10,479
Media		65,323		61,105
Total revenue	$	154,956	$	155,042

Deferred Revenue

Deferred revenue consists of amounts received from or invoiced to customers in advance of our performance obligations being satisfied, including amounts which are refundable. Deferred revenue includes payments received from sales of our products on Society6 and Deny Designs prior to the transfer of control of such products to the customers; payments made for original art sold via Saatchi Art that are collected prior to the completion of the return period upon which our service is considered completed; and amounts billed to media customers prior to delivery of content; and sales of subscriptions for premium content or services not yet delivered. During the year ended December 31, 2019, we recognized $1.8 million of revenues that were included in the deferred revenue balance as of December 31, 2018.

Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. For certain products or services, we require payment before the products or services are delivered to the customer.