WWE increases revenues and Networks subs
October 30, 2020
By Nik Roseveare
WWE has reported Q3 revenue of $221.6 million, an increase of 19 per cent on the same period last year.
WWE Network, the company’s SVoD platform, saw average paid subscribers hit 1.6 million, an increase of 6 per cent. Digital video views were 9.2 billion, an increase of 3 per cent, and hours consumed were 342 million, an increase of 3 per cent, across digital and social media platforms.
The company said it continues to adapt its business to the changing environment with investment to enhance content production value and further fan engagement, including an incremental $22 – $27 million investment in the fourth quarter (Q4 2020 vs Q3 2020), primarily associated with the creation of WWE ThunderDome, and increased personnel expenses as employees return from furlough.
“Our third quarter financial performance was strong and reflected our ongoing creativity in a challenging environment,” commented Vince McMahon, WWE Chairman & CEO. “We continue to adapt our business, as demonstrated by the creation of WWE ThunderDome, focusing on increasing audience interaction and engagement to support the value of our content globally.”
Kristina Salen, WWE Chief Financial Officer, added “In the quarter, we delivered revenue of $221.6 million and Adjusted OIBDA of $84.3 million based on increased rights fees for the Company’s flagship programming. With $638 million in cash and short-term investments at quarter-end, we believe WWE has substantial capital resources to manage challenges that may lie ahead and to deliver on key strategic initiatives.”