ROKU INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
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6. Content Assets
- CONTENT ASSETS
Content assets, net consisted of the following (in thousands):
| As of | ||
|---|---|---|
| September 30, 2024 | December 31, 2023 | |
| Licensed content, net and advances | $159,928 | $148,777 |
| Produced content: | ||
| Released, less amortization | 63,193 | 77,951 |
| Completed, not released | 29,781 | 11,235 |
| In production | 10,269 | 38,275 |
| Total produced content, net | 103,243 | 127,461 |
| Total Content assets, net and advances | $263,171 | $276,238 |
| Current portion (included in Prepaid expenses and other current assets) | $15,792 | $18,843 |
| Non-current portion | $247,379 | $257,395 |
Amortization of content assets is included in Cost of revenue, platform in the condensed consolidated statements of operations and is as follows (in thousands):
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |
| Licensed content | $40,744 | $37,454 | $114,979 | $124,690 |
| Produced content | 10,126 | 15,033 | 32,106 | 30,111 |
| Total amortization costs | $50,870 | $52,487 | $147,085 | $154,801 |
During the three months ended June 30, 2024, the Company wrote-off $11.8 million of unamortized costs related to produced content assets that were removed from the content library on The Roku Channel. This write-off was not part of the Company’s restructuring efforts. There were no write-offs during the three months ended March 31, 2024 nor September 30, 2024.
During the three and nine months ended September 30, 2023, the Company recorded impairment charges of $61.6 million related to removing select licensed and produced content from The Roku Channel as part of its restructuring efforts. See Note 16 to the condensed consolidated financial statements for additional details on the Company’s restructuring efforts.
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