WWE has posted record-breaking financial results for the second quarter of 2023.
Revenue has increased by 25% up to $410.3 million which represents a company record. The results highlight the success of WrestleMania 39, Backlash, Night of Champions, and Money In The Bank.
You can find a section of the official press release from WWE below.
Second Quarter 2023 Highlights
- Revenue was $410.3 million, an increase of 25% and a quarterly record; Operating income was $87.3 million, an increase of 26%; and Adjusted OIBDA1 was $140.7 million, an increase of 54% and a quarterly record
- Returned $9.8 million of capital to shareholders through dividend payments
- Viewership for WWE’s weekly flagship programs, SmackDown and Raw, increased 26% and 19%, respectively, in the P18-49 demo, significantly outperforming overall broadcast and cable television, which both declined 12%
- Each WWE premium live event (WrestleMania, Backlash and Night of Champions) set global unique viewership records with year-over-year increases of 29%, 34% and 45%, respectively
- Live Events revenue increased 51% over the prior year period, reflecting continued strong demand for domestic and international events. North American Live Event average attendance was 9,870, an increase of 45% and a quarterly record
- In July, Money in the Bank was held at The O2 in London. Money in the Bank was WWE’s highest- grossing arena event in company history. Money in the Bank also set new records for viewership, sponsorship revenue, merchandise revenue and social media activity
What Did Nick Khan Say About WWE’s Success?
Unsurprisingly, WWE Chief Executive Officer Nick Khan was overjoyed with the results, again highlighting the success of WWE programming during the quarter.
“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 programs, Raw, SmackDown and NXT, delivered strong double-digit growth in viewership, significantly outpacing overall industry performance,
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.”
WWE’s next major event is set to take place on August 5th when SummerSlam heads to Detroit.