WWE Boasts Record Breaking Financial Results
The records keep tumbling for WWE as the company publishes its quarterly financial report.
The WWE has been riding high in recent times with Roman Reigns and The Bloodline front and centre of the company for much of the last three years while the crowds flocking to shows have been invested in the likes of Cody Rhodes, Becky Lynch, and more recently LA Knight.
Now WWE has published its second quarter financial report for the second quarter of 2023 which sees the company boast a record quarter for revenue.
Second Quarter 2023 Highlights
Revenue was $410.3 million, an increase of 25% and a quarterly record; Operating income was $87.3 million, an increase of 26%; and Adjusted OIBDA1 was $140.7 million, an increase of 54% and a quarterly record
Returned $9.8 million of capital to shareholders through dividend payments
Viewership for WWE’s weekly flagship programs, SmackDown and Raw, increased 26% and 19%, respectively, in the P18-49 demo, significantly outperforming overall broadcast and cable television, which both declined 12%
Each WWE premium live event (WrestleMania, Backlash and Night of Champions) set global unique viewership records with year-over-year increases of 29%, 34% and 45%, respectively
Live Events revenue increased 51% over the prior year period, reflecting continued strong demand for domestic and international events. North American Live Event average attendance was 9,870, an increase of 45% and a quarterly record
In July, Money in the Bank was held at The O2 in London. Money in the Bank was WWE’s highest-grossing arena event in company history. Money in the Bank also set new records for viewership, sponsorship revenue, merchandise revenue and social media activity
What did WWE management say about the company’s success?
WWE CEO Nick Khan is quoted in the report as touting the success of the company’s recent premium live events which have broken viewership records:
“We generated strong financial results in the quarter, highlighted by record quarterly revenue and Adjusted OIBDA. Operationally, we continue to effectively execute our strategy, including staging the most successful WrestleMania of all time in early April. WrestleMania, as well as our other premium live events such as Backlash, Night of Champions and Money in the Bank all delivered record viewership.
“Our weekly flagship programs, Raw, SmackDown and NXT, delivered strong double-digit growth in viewership, significantly outpacing overall industry performance. Strategically, in early April, we entered into a historic agreement with Endeavor to combine WWE with UFC to create a one-of-a-kind global sports and entertainment company. We believe that bringing these two iconic and highly complementary brands together will allow us to create incremental value for our shareholders.”
Frank Riddick, WWE President & Chief Financial Officer, added:
“In the quarter, we exceeded the high end of our guidance. Adjusted OIBDA was $141 million on revenue of $410 million. Our financial performance was favorably impacted by a shift in the timing of the staging of a large-scale international event. Our results in the quarter also reflected strong consumer demand for our live events, which benefited performance across our various lines of business.”
With the takeover by Endeavor edging ever closer to completion, it looks like WWE could be riding high for some time to come.