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

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020	$	9,493		$	1,744
Revenue recognized during the period that was included in the beginning balance of contract liabilities		(7,096	)		—
Additional amounts recognized during the period		23,727			878
Revenue recognized during the period that was recorded during the period		(15,225	)		—
Transfers		753			(753	)

Balance, end of period December 31, 2020	$	11,652			1,869

Amount refundable at beginning of period	$	9,403		$	1,744
Amount refundable at end of period	$	11,607			1,869

We expect to satisfy these performance obligations as follows:

Trade and barter revenue and expenses were as follows:


	Year Ended December 31,
	2019		2020
Net broadcast barter revenue	$	5,625	$	2,810
Net digital media barter revenue		—		—
Net publishing barter revenue		63		38
Net broadcast barter expense	$	5,055	$	2,952
Net digital media barter expense		—		—
Net publishing barter expense		20		1


	Year Ended December 31, 2020
	Broadcast		Digital Media		Publishing		Consolidated
	(Dollars in thousands)
By Source of Revenue:
Block Programming—National	$	47,009	$	—	$	—	$	47,009
Block Programming—Local		24,267		—		—		24,267
Spot Advertising—National		15,288		—		—		15,288
Spot Advertising—Local		39,407		—		—		39,407
Infomercials		974		—		—		974
Network		19,371		—		—		19,371
Digital Advertising		15,938		20,644		415		36,997
Digital Streaming		2,774		3,446		—		6,220
Digital Downloads and eBooks		3,211		5,904		1,605		10,720
Subscriptions		1,166		9,208		680		11,054
Book Sales and e-commerce, net of estimated sales returns and allowances		1,438		140		9,228		10,806
Self-Publishing fees		—		—		5,424		5,424
Advertising—Print		1		—		353		354
Other Revenue		7,283		251		814		8,348

	$	178,127	$	39,593	$	18,519	$	236,239

Timing of Revenue Recognition
Point in Time	$	175,611	$	39,593	$	18,519	$	233,723
Rental Income(1)		2,516		—		—		2,516

	$	178,127	$	39,593	$	18,519	$	236,239


	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
Advertising—Print		28		—		609		637
Other Revenue		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

(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 annual report.