WWE Q2 Network subs up, revenues down
July 25, 2019
By Nik Roseveare
WWE has reported that its SVoD service – WWE Network – had 1.69 million paid subscribers in Q2, up from 1.58 million in Q1. Total Q2 reveneues for the wresting entertainment giant were down 5 per cent to $268.9 million (€240m).
The company’s total online presence continued to see strong growth. Digital video views increased 17 per cent to 9 billion; hours consumed increased 22 per cent to 324 million hours across digital platforms; and social media followers increased 10 per cent to over 1.02 billion.
WWE added that this week is has initiated the transition of WWE Network to a new platform, which will ultimately provide users with a better experience, a more intuitive interface, and enhanced search functionality. The new platform will enable the introduction of new features and experiences over time, including the addition of free and premium tiers as well as the localisation of content in multiple languages
“During the quarter, we made progress on key strategic initiatives,” commented Vince McMahon, Chairman and Chief Executive Officer. “We completed content distribution agreements in key international markets, prepared for the next phase of our WWE Network service, and achieved steady improvement in engagement metrics. As indicated previously, we remain excited about the future, particularly with our debut on Fox in October.”
George Barrios, Co-President, added “In the quarter, our earnings exceeded guidance, however we anticipate a portion of this to reverse and we continue to target full-year Adjusted OIBDA of at least $200 million. The guidance presupposes the staging of a second large scale international event and the completion of a media rights deal in the MENA region. As we optimise near-term results, we will continue to focus on content creation, localisation and digitisation, including the evolution of our direct-to-consumer network, to drive long-term growth.”
WWE recently announced that its exclusive home on UK television will be BT Sport – ending a 30 year releationship with Sky.