Spectacular live event boosts WWE’s Q2 2023 earnings to unprecedented heights

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WWE Reports Record Revenue and Live Event Attendance in Q2 2023

WWE.com

WWE released its financial results from the second quarter of 2023, showcasing impressive numbers across the board. The reports cover the period from April to June, which included the highly anticipated WrestleMania 39 and the announcement of WWE’s acquisition by Endeavor. The acquisition is set to merge WWE with UFC under the new TKO Holdings Group, with completion expected before the end of the year.

Despite the lack of updates on the Endeavor deal, the financial reports highlight the success of WWE during this quarter. Here are some key points:

  • Revenue reached a record-breaking $410.3 million, marking a 25% increase compared to the previous year.
  • Operating income saw a significant rise of 26%, reaching $87.3 million.
  • Adjusted OIBDA1 also hit a quarterly record of $140.7 million, with a remarkable increase of 54%.
  • Shareholders received $9.8 million through dividend payments.
  • WWE’s flagship programs, SmackDown and Raw, experienced a surge in viewership, with a 26% and 19% increase respectively in the coveted P18-49 demographic. This outperformed the overall decline of 12% in both broadcast and cable television.
  • All WWE premium live events, including WrestleMania, Backlash, and Night of Champions, achieved global unique viewership records. Year-over-year, these events saw increases of 29%, 34%, and 45% respectively.
  • Live Events revenue soared by 51% compared to the previous year, reflecting the strong demand for domestic and international events. North American Live Event average attendance reached a quarterly record of 9,870, a remarkable 45% increase.
  • Money in the Bank, held at The O2 in London, became WWE’s highest-grossing arena event in company history. The event also set new records in viewership, sponsorship revenue, merchandise revenue, and social media activity.

The success of WWE’s live events demonstrates the popularity and demand for the product. During the investor call, Nick Khan, WWE’s representative, revealed that Q2 2023 was the highest-grossing live event quarter in the company’s history. He expressed confidence that this trend will continue in the future.

To access the full financial documents and discussions, visit WWE’s corporate website here.

Source: Cageside Seats

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