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WWE Q2 revenue up 24%

August 16, 2022

By Nik Roseveare

Entertainment giant WWE has announced financial results for its second quarter ended June 30th 2022 – its first quarterly numbers since the departure of long-serving CEO Vince McMahon.

Q2 revenue was $328.2 million (€323.7m), an increase of 24 per cent; Operating Income was $69.3 million, an increase of 50 per cent; and Adjusted OIBDA was $91.5 million, an increase of 34 per cent.

Each WWE premium live event (WrestleMania, WrestleMania Backlash and Hell in a Cell) int he quarter was the most viewed event in its history with year-over-year increases of 60 per cent, 49 per cent and 45 per cent, respectively, in unique viewership in the US via streaming platform Peacock.

“We generated strong financial results in the quarter, highlighted by record revenue and Adjusted OIBDA for a second quarter,” said Stephanie McMahon (pictured) and Nick Khan, WWE co-Chief Executive Officers in a joint statement.

“We continued to effectively execute our strategy, including staging a record-setting WrestleMania in early April. WrestleMania, as well as our other premium live events (PLEs) including WrestleMania Backlash, Hell in a Cell, Money in the Bank and SummerSlam all delivered record viewership for their respective events. These PLEs, along with strong ratings for our flagship programmes, Raw and SmackDown, continued to expand the reach of our brands and enhance the value of our content. We’re excited about the recently announced management structure, including the appointment of Paul Levesque as head of WWE creative and talent, as we look to continue to increase the monetisation of our IP across various platforms through our media rights agreements, both domestically and abroad, as well as our inaugural NFT drops on Moonsault, WWE’s official NFT marketplace, and the recent launch of our new, enhanced e-commerce digital platform in connection with our partnership with Fanatics,” added the statement.

Frank Riddick, WWE Chief Financial and Administrative Officer, added: “In the quarter, we exceeded the high end of our guidance. Adjusted OIBDA increased 34 per cent reflecting 24 per cent revenue growth. Our strong financial performance was primarily driven by our return to a full live event schedule and our consumer products business. These items more than offset an increase in production, content-related, and other expenses. For 2022, we are raising our full year Adjusted OIBDA guidance to a range of $370 to $385 million.”

On September 3rd, WWE will hold its first UK stadium show in 30 years – Clash at the Castle – in Cardiff, Wales.

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