WWE Record Revenues: World Wrestling Entertainment posted record-level revenue for 2020 despite the ongoing Covid-19 pandemic. Despite an ongoing inability to have large-scale fan attendance, WWE reported $974.2m in full-year 2020 revenue, up 1 per cent from 2019. This is despite of 26% drop in 4th Quarter revenues due to the loss of a large-scale event in Saudi Arabia.
Why WWE has delivered record revenues? WWE continued its events and production and that according to them led to with the company crediting its ability to keep many of its events going and develop new forms of fan engagement.
Operating income for all of 2020 rose 79 per cent to $208.6m, boosted by increases in content rights fees, while operating income for the fourth quarter fell 64 per cent to $63.6m.
“As you can see, we’re generating some pretty strong financial results in a very challenging environment,” said Vince McMahon, WWE chairman and chief executive. “We continue to produce content. We never missed a week in terms of producing content. It shows the flexibility and our commitment to our audience, which we will always have.”
But the results did not meet with the expectations of stock market. The analysts for WWE were disappointed, particularly with regard to the fourth quarter results, and WWE stock was down more than 5 per cent on February 5 in early trading on the New York Stock Exchange.
WWE executives said the five-year Peacock deal that takes effect in March, reportedly worth more than $1bn, represents a key move toward much greater scale in the streaming space.