REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

The following table sets forth the Company’s disaggregated revenues for the three months ended March 31, 2026, and 2025, as well as the relative percentage of total revenue:

	Three Months Ended March 31,
(in thousands)	2026				2025
Subscription	8,826		58	%	9,281		61	%
Licensing (1)	6,017		40	%	5,411		36	%
Other	318		2	%	398		3	%
Total revenues	$	15,161			$	15,090
(1) The 2026 and 2025 amounts include $3.8 million and $1.7 million of trade and barter transactions, respectively.

REMAINING PERFORMANCE OBLIGATIONS

As of March 31, 2026, the Company expects to recognize revenues in the future related to performance obligations that were unsatisfied as follows:

	Remainder of Year Ending December 31, 2026		Year Ended December 31,
(in thousands)			2027		2028		2029		Thereafter		Total
Remaining performance obligations	$	2,316	$	538	$	317	$	98	$	16	$	3,285

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. Approximately 90% of the contract liability balance relates to annual subscriptions.

Total deferred revenues were $8.9 million and $8.7 million as of March 31, 2026, and December 31, 2025, respectively. The non-current portions of $0.3 million as of March 31, 2026, and December 31, 2025, are included in other liabilities in the Unaudited Condensed Consolidated Balance Sheets.

For the three months ended March 31, 2026, the Company recognized revenues of 3.7 million related to amounts deferred as of December 31, 2025.

The following table provides a roll-forward of the contract liability balances for the three months ended March 31, 2026, and 2025:

	Three Months Ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	8,733	$	11,350
Revenue recognized in the current period from beginning balance	(3,693)		(4,941)
New deferrals, net of amounts recognized in current period	3,895		4,462
Balance at end of period	$	8,935	$	10,871

TRADE AND BARTER TRANSACTIONS

During 2026, 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 three months ended March 31, 2026, and 2025, trade and barter revenues were as follows:

	Three Months Ended March 31,
(in thousands)	2026		2025
Trade and barter license fees: Content Licensing	$	3,848	$	1,717

For the three months ended March 31, 2026, and 2025, trade and barter cost of revenues were as follows:

	Three Months Ended March 31,
(in thousands)	2026		2025
Cost of revenues	$	—	$	3

For the three months ended March 31, 2026, and 2025, additions to content assets resulting from trade and barter transactions were as follows:

	Three Months Ended March 31,
(in thousands)	2026		2025
Content assets acquired	$	3,848	$	1,714