Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Significant changes in our contract liabilities balances during the period are as follows:


	Short Term			Long-Term
	(Dollars in thousands)
Balance, beginning of period January 1, 2019	$	11,537		$	1,379
Revenue recognized during the period that was included in the beginning balance of contract liabilities		(8,156	)		—
Additional amounts recognized during the period		19,341			664
Revenue recognized during the period that was recorded during the period		(13,528	)		—
Transfers		299			(299	)

Balance, end of period December 31, 2019	$	9,493		$	1,744

Amount refundable at beginning of period	$	11,410		$	1,379
Amount refundable at end of period	$	9,403		$	1,744

We expect to satisfy these performance obligations as follows:

Trade and barter revenues and expenses were as follows:


	Year Ended
	December 31,
	2018		2019
Net broadcast barter revenue	$	6,702	$	5,625
Net digital media barter revenue		124		—
Net publishing barter revenue		11		63
Net broadcast barter expense	$	6,161	$	5,055
Net digital media barter expense		3		—
Net publishing barter expense		20		20


	Year Ended December 31, 2019
	Broadcast		Digital Media		Publishing		Consolidated
	(dollars in thousands)
By Source of Revenue:
Block Programming—National	$	48,465	$	—	$	—	$	48,465
Block Programming—Local		30,502		—		—		30,502
Spot Advertising—National		16,352		—		—		16,352
Spot Advertising—Local		51,824		—		—		51,824
Infomercials		1,409		—		—		1,409
Network		19,078		—		—		19,078
Digital Advertising		12,582		20,454		405		33,441
Digital Streaming		825		3,873		—		4,698
Digital Downloads and eBooks		—		5,694		1,428		7,122
Subscriptions		1,107		8,044		763		9,914
Book Sales and e-commerce, net of estimated sales returns and allowances		378		480		11,679		12,537
Self-Publishing Fees		—		—		5,474		5,474
Print Advertising		28		—		609		637
Other Revenues		10,789		620		1,036		12,445

	$	193,339	$	39,165	$	21,394	$	253,898

Timing of Revenue Recognition
Point in Time	$	191,010	$	39,103	$	21,394	$	251,507
Rental Income (1)		2,329		62		—		2,391

	$	193,339	$	39,165	$	21,394	$	253,898


	Year Ended December 31, 2018
	Broadcast		Digital Media		Publishing		Consolidated
	(Dollars in thousands)
By Source of Revenue:
Block Programming—National	$	49,864	$	—	$	—	$	49,864
Block Programming—Local		33,274		—		—		33,274
Spot Advertising—National		16,333		—		—		16,333
Spot Advertising—Local		55,863		—		—		55,863
Infomercials		1,824		—		—		1,824
Network		19,293		—		—		19,293
Digital Advertising		7,172		22,351		473		29,996
Digital Streaming		752		4,347		—		5,099
Digital Downloads and eBooks		—		5,354		1,481		6,835
Subscriptions		1,056		8,205		907		10,168
Book Sales and e-commerce, net of estimated sales returns and allowances		483		1,949		11,866		14,298
Self-Publishing fees		—		—		5,609		5,609
Advertising - Print		42		—		574		616
Other Revenues		12,546		389		776		13,711

	$	198,502	$	42,595		21,686		262,783

Timing of Revenue Recognition
Point in Time	$	196,187		42,500		21,640		260,327
Rental Income(1)		2,315		95		46		2,456

	$	198,502	$	42,595		21,686		262,783

(1)	Rental income is not applicable to ASC 606, but shown for the purpose of identifying each revenue source presented in total revenue on our Consolidated Financial Statements within this report on Form 10-K.