WWE reports huge quarter, European soccer helps Comcast beat expectations, Kyler Murray joins BodyArmor, and Tennessee readies for sports betting.
WWE Beats Expectations
Scott Utterback via Imagn
WWE posted a 19% year-over-year quarterly revenue increase despite the absence of ticketed events. An increase in content rights and decrease of event-related production costs drove income to grow nearly 900%.
E-commerce revenue increased 60% to $9.1 million in the quarter. WWE Network subscribers also grew 6% and digital video views and hours consumed were both up 3%.
CEO Vince McMahon credited the successful quarter in part to WWE’s new management team, including President and CRO Nick Khan and CFO Kristina Salen. Khan was the co-head of CAA’s television division prior to joining WWE this summer.
All three of Comcast’s business units beat revenue projections with high-speed internet driving the majority of 556,000 new cable subscriptions. Cable video contributed a net loss of 273,000 subscribers compared to competitor AT&T’s drop of 627,000 pay-TV customers.
NBCUniversal saw a major dip in theme park revenue, but the unit still generated $6.72 billion — more than analysts expected. Overall, Comcast saw its revenue decrease to $25.53 billion from $26.82 billion in the same quarter last year.
Comcast Quarterly Revenue:
Comcast overall: $25.53 billion, down 4.8% year-over-year
Cable Communications: $15 billion, up 2.7%
NBCUniversal: $6.46 billion, down 22.2%
Sky TV: $4.79 billion, up 5.3%
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BodyArmor has secured Arizona Cardinals quarterback Kyler Murray as an athlete partner and investor. Currently the No. 2 sports drink sold in convenience stores nationwide, BodyArmor is on track to hit nearly $1 billion in sales by the end of the year.
Tennis star Naomi Osaka, the highest-paid female athlete in the world, and All-Pro running back Christian McCaffrey are among the company’s other athlete partners. Despite the big-name deals, BodyArmor has a ways to go if it wants to compete with Gatorade.
With 72% market share and “high-single-digit revenue” growth per PepsiCo’s latest earnings report, Gatorade has a strong hold on the sports drink category. As of August, Powerade was second, controlling 20% of the overall market and BodyArmor was third with 7%.
Notable BodyArmor Partnerships:
Bet On Tennessee
Calvin Mattheis-USA TODAY NETWORK
Legalized sports betting launches in Tennessee on Sunday, a market that could generate $6 billion in bets annually when it reaches maturation. Nineteen states and Washington D.C. have launched legalized betting since the Supreme Court repealed PASPA in May 2018.
Tennessee’s population mirrors Indiana, which has seen $1.4 billion in sports wagers in the 13 months since sports betting launched, making it the fourth-largest market over that time. Indiana set a monthly record in October, handling $207.5 million in bets.
Four operators will launch in Tennessee on Sunday: FanDuel, DraftKings and BetMGM, along with Tennessee-based Action 24/7.
The NBA extended its betting data partnerships with Sportradar and Genius Sports Group.
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