WWE reports record Q2 revenue
August 2, 2023
By Nik Roseveare
WWE has reported Q2 revenue of $410.3 million (€375.5m), an increase of 25 per cent and a quarterly record; Operating income was $87.3 million, an increase of 26 per cent; and Adjusted OIBDA was $140.7 million, an increase of 54 per cent and a quarterly record.
US viewership for WWE’s weekly flagship shows, SmackDown and Raw, increased 26 per cent and 19 per cent, respectively, in the P18-49 demo, significantly outperforming overall broadcast and cable television, which both declined 12 per cent.
Each WWE premium live event (WrestleMania, Backlash and Night of Champions) set global unique viewership records with year-over-year increases of 29 per cent, 34 per cent and 45 per cent respectively.
In July, Money in the Bank was held at The O2 in London and became WWE’s highest-grossing arena event in company history. Read more on the event here.
“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 programmes, Raw, SmackDown and NXT, delivered strong double-digit growth in viewership, significantly outpacing overall industry performance,” said Nick Khan, WWE Chief Executive Officer. “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.”