REVENUE

6 Months Ended

Jun. 30, 2024

REVENUE [Abstract]

REVENUE

5. REVENUE

The Company derives its revenue principally from the following sources: (i) media rights and content fees associated with the distribution of content, (ii) ticket sales at live events and site fees, (iii) sponsorship and advertising sales, and (iv) consumer product licensing.

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenue:
UFC Segment:
Media rights and content	$	250,585	$	211,709	$	465,047	$	435,771
Live events		69,152		32,405		104,429		63,795
Sponsorship		61,633		46,152		110,236		84,209
Consumer products licensing		12,988		14,919		27,636		28,140
Total UFC Segment revenue		394,358		305,185		707,348		611,915
WWE Segment:
Media rights and content		260,676		—		481,783		—
Live events		144,102		—		194,294		—
Sponsorship		24,750		—		38,565		—
Consumer products licensing		27,275		—		58,882		—
Total WWE Segment revenue		456,803		—		773,524		—
Total revenue	$	851,161	$	305,185	$	1,480,872	$	611,915

Remaining Performance Obligations

The transaction price related to the Company’s future performance obligations does not include any variable consideration related to sales or usage-based royalties. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license.

The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year for their initial term prior to opt-out provisions with unsatisfied or partially satisfied performance obligations as of June 30, 2024 (in thousands):

Remainder of 2024	$	958,970
2025		2,174,613
2026		1,237,840
2027		1,164,830
2028		1,113,938
Thereafter		968,344
Total remaining performance obligations	$	7,618,535

Revenue from Prior Period Performance Obligations

The Company did not recognize any significant revenue from performance obligations satisfied in prior periods during the three and six months ended June 30, 2024 and 2023, respectively.

Contract Liabilities (Deferred Revenues)

The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance. The Company’s deferred revenue balance primarily relates to advance payments received related to its content distribution rights agreements, consumer product licensing agreements and sponsorship arrangements, as well as memberships for the Company’s subscription services. Deferred revenue is included in the current liabilities section and in other long-term liabilities in the consolidated balance sheets.

The following table presents the Company’s deferred revenue as of June 30, 2024 and December 31, 2023 (in thousands):

	As of								As of
	December 31,						Foreign		June 30,
Description	2023		Additions		Deductions		Exchange		2024
Deferred revenue - current	$	118,992	$	798,174	$	(817,530)	$	(90)	$	99,545
Deferred revenue - non-current		672		2,500		(336)		—		2,836