WWE reported a 27% increase in first-quarter revenue to $333.4 million, a quarterly record for the entertainment company. Net income reached $66.1 million, up from $43.8 million the year prior.
Operating income rose 42% to $92.4 million during the first three months of the year, when WWE landed a number of deals.
- The company expanded its original programming deal with A&E, which includes more than 130 “new hours of WWE-themed series and specials.”
- WWE announced a new broadcasting deal with MBC Group to air live events, live episodes of “Raw” and “Smackdown,” and additional WWE content.
- It also struck a deal with Fanatics — which has a $27 billion valuation — for NFT trading cards, e-commerce, and licensed merchandise.
WWE 2K22, the company’s flagship video game, also made its debut during the quarter.
The WrestleMania Movement
WWE’s flagship event WrestleMania took place at the start of the second quarter, providing insight into the company’s next earnings report, when it expects to earn an all-time record in revenue. WrestleMania became WWE’s highest-grossing and most-attended event in its history with 156,352 fans.
WrestleMania was also the most-viewed WWE premium live event in the company’s history — a respective 54% and 61% increase for unique viewership globally and domestically. It trails only Super Bowl LVI for the most-watched event on Peacock to date.