Unlike the plethora of "dumb
tiktok thing" definitions, I think this word actually has a stable meaning. (Perhaps this is my misguided understanding of the term.)
1. Story time is used, mostly in
ball/drag spaces, at a point when someone is "being read" or a queen is performing at a level which other queens cannot reach or aspire to. It's a form of
shade. It's telling the other person, "sit down,
child, because you are about to be educated on something you're clearly ignorant towards."
2. This can also be used for dramatic flair when, shockingly, telling a story.