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Tuesday, July 16, 2024

Live Events Boost WWE’s Record Quarter

  • WWE reported $328.2 million in second-quarter revenue.
  • The company's net income reached $49 million.
WWE
Joe Camporeale-USA TODAY Sports

WWE reported $328.2 million in second-quarter revenue, a 24% year-over-year increase and a record for WWE’s second quarters. Net income increased to $49 million from $29.2 million.

The revenue increase was partially attributed to more sales for tickets and licensed products. Revenue for live events reached $41 million, up from $9.2 million last year, and revenue for consumer products increased 96% to $44.1 million.

Media revenue increased 4% year-over-year to $243.1 million. WWE entered a five-year deal with NBCUniversal in 2021 for a reported $1 billion.

The entertainment company recorded a number of milestones during the quarter.

  • All WWE premium live events, including WrestleMania, posted record viewership.
  • WWE and Fox’s Blockchain Creative Labs launched its inaugural NFT sale, which sold out within 24 hours.
  • WWE announced 15 college athletes for its second “Next In Line” class.

In July, WWE launched a digital platform for e-commerce and licensed merchandise with Fanatics

Probing Questions

On July 22, Vince McMahon resigned as WWE’s chairman and CEO amid allegations of sexual harassment, affairs, and hush-money settlements. WWE’s investigation — which cost $1.7 million in Q2 — found $19.6 million in “unrecorded expenses” between 2006 and 2022. WWE anticipates $10 million in related costs for the rest of the year.

The earnings release also notes that the company revised its financial statements for the years ended Dec. 31, 2019, 2020, 2021, as well as the first quarter of 2022 “based on certain findings during the investigation.”

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