BY: RYAN
WWE has announced financial results for its first quarter ended March 31, 2023.
Highlights below:
Revenue was $297.6 million; Operating income was $53.1 million; and Adjusted OIBDA was $84.2 million
Each WWE premium live event (Royal Rumble and Elimination Chamber) set domestic unique viewership records with year-over-year increases of 52% and 54%, respectively
Viewership for WWE’s weekly flagship programs, Raw and SmackDown, both increased 7%, significantly outperforming overall cable and broadcast television, which declined 15% and 6%, respectively
North American Live Events ticket sales revenue increased 52% over the prior year period, reflecting a 37% increase in average attendance
In April, WWE announced an expansion of its partnership with Fanatics, with Fanatics assuming management of WWE’s on-site event merchandise business as of May 1, 2023
WrestleMania was held at SoFi Stadium in Los Angeles over two consecutive nights in front of a combined 161,892 fans and generating a gate of $21.6 million. WrestleMania was WWE’s highest-grossing and most-attended event in company history
WrestleMania was the most viewed WWE premium live event of all time. Global unique viewership increased 29% and domestic unique viewership increased 31% year-over-year
WrestleMania sponsorship revenue exceeded $20 million, more than double the previous record set in the prior year
WrestleMania was the most social WWE event of all-time, generating over 500 million views and 11 million hours of video consumed over the two days, a 42% increase over the prior year
WrestleMania merchandise sales increased 20% versus the previous record set in the prior year
WWE Chief Executive Officer Nick Khan said,
“We are off to a strong start in 2023. 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 successful premium live events such as Royal Rumble and Elimination Chamber, and strong viewership for our weekly flagship programs, Raw and SmackDown, further expanded the reach of our brands and enhanced the value of our content. Strategically, we entered into a historic agreement with Endeavor to create a one-of-a-kind company. With WWE and UFC we intend to form a global sports and entertainment business that has the potential to unlock vast growth opportunities for both businesses. We believe that bringing these two iconic and highly complementary brands together will allow us to increasingly capitalize on the rapidly expanding, global appetite for live sports events and premium entertainment content, with the goal being to maximize value for our shareholders.”
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