Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 5 – Revenue Recognition

The following table disaggregates our revenue by source:

	Three Months Ended June 30,
							% of
	2022		% of revenue		2021		revenue
Revenue:
VOD and streaming	$	29,510,365	78	%	$	15,086,175	68	%
Licensing and other		8,126,582	22	%		7,048,759	32	%
Net revenue	$	37,636,947	100	%	$	22,134,934	100	%

	Six Months Ended June 30,
							% of
	2022		% of revenue		2021		revenue
Revenue:
VOD and streaming	$	50,857,728	76	%	$	28,977,124	64	%
Licensing and other		15,985,416	24	%		16,354,652	36	%
Net revenue	$	66,843,144	100	%	$	45,331,776	100	%

VOD and streaming

VOD and streaming revenue included in this revenue source is generated as the Company distributes and exhibits VOD content through the Crackle Plus network directly to consumers across all digital platforms, such as connected TV’s, smartphones, tablets, gaming consoles and the web through our owned and operated AVOD or FAST channel networks.  In addition, this revenue source includes third party streaming platform license revenues, including transactional video on demand (TVOD) revenues, AVOD or FAST channel revenue share or performance based revenue, SVOD, cable tv and barter syndication generated revenues. The Company generates VOD and streaming revenues for our VOD networks in three primary ways, selling advertisers product and content integrations and sponsorships related to our productions, selling advertisers the ability to present content to our viewers, often with fewer commercials, and selling advertisers video ad inventory on our VOD networks.

Licensing and other

Licensing and other revenue included in this revenue source is generated as the Company licenses movies and television series worldwide, through Screen Media Ventures and 1091 Pictures, through license agreements across channels, including theatrical and home video.  Additionally, Licensing and other also includes the sale of content and content services revenue, including development, non-writing executive producer fees and production services.  

For the three and six months ended June 30, 2022, total licensing revenues, including VOD and streaming, were $23,133,992 and $39,367,550, respectively.

For the three and six months ended June 30, 2021, total licensing revenues, including VOD and streaming, were $10,372,918 and $24,993,891, respectively.

Contract balances include the following:

	June 30,		December 31,
	2022		2021
Accounts receivable, net	$	28,100,328	$	25,818,447
Contract assets (included in accounts receivable)		39,422,018		34,395,360
Total accounts receivable, net	$	67,522,346	$	60,213,807
Deferred revenue (included in other liabilities)	$	3,210,083	$	1,536,687