Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 2. Revenue

Disaggregation of Revenue

The following table shows revenues disaggregated by revenue stream for the three months ended June 30, 2024 and June 30, 2023, respectively and for the six months ended June 30, 2024 and June 30, 2023, respectively:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands of USD)				(in thousands of USD)
Paid Content	$	260,709	$	258,129	$	527,564	$	513,821
Advertising		40,419		41,938		77,415		72,450
IP Adaptations		19,844		20,596		42,737		44,649
Total	$	320,972	$	320,663	$	647,716	$	630,920

The revenue stream disaggregation above takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Paid content revenue is generated from the provision of platform services that enable users to access content. Paid content revenue also includes $2.5 million and $1.8 million of physical book sales through the platform for the three months ended June 30, 2024 and June 30, 2023, respectively and $5.2 million and $3.8 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Advertising revenue represents amounts earned for the display of advertisements on our offerings or product placement within content. IP Adaptations include the internal development of film, streaming series, or other rich media format adaptations commissioned by third party studios or streaming platforms; the license fees generated from sub-licensing content to third parties are $3.6 million and $2.8 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $6.8 million and $6.0 million for the for the six months ended June 30, 2024 and June 30, 2023, respectively; as well as $3.4 million and $2.1 million of merchandise sales generated through external platforms, IP royalties, and pop-up stores for the three months ended June 30, 2024 and June 30, 2023, respectively, and $8.8 million and $3.4 million for the six months ended June 30, 2024 and June 30, 2023, respectively.

Contract Liabilities

Contract liabilities primarily include payments received for virtual currency prior to the Company satisfying its performance obligation to deliver content to the customer.

We recognized revenues of $65.8 million and $50.1 million during the three months ended June 30, 2024 and June 30, 2023, respectively, and $67.8 million and $54.9 million during the six months ended June 30, 2024 and June 30, 2023, respectively, that were included within Contract liabilities on the Condensed Consolidated Balance Sheets as of the beginning of the respective period.

Our remaining performance obligations were $97.5 million and $76.7 million as of June 30, 2024 and December 31, 2023, respectively, and we expect to recognize the entire amounts within one year of the respective dates.