WWE has reported its results for the first quarter of 2023.
In a press release on May 3, WWE reported its earnings for the first quarter of the year, in which the company that the company generated a revenue of $297.6 million. WWE announced that its revenue from ticket sales for North American Live Events ticket sales increased 52% as compared to the same period in 2022, which reflected a 37% increase in average attendance.
In the announcement, WWE noted that each premium live event (Royal Rumble and Elimination Chamber) set domestic unique viewership records, and viewership for RAW and SmackDown both increased by 7%. WrestleMania 39 set new records as the highest-grossing and most-attended event in company history, and it was the most-viewed WWE premium live event of all time. Additionally, sponsorship revenue for the event exceeded $20 million.
WWE also highlighted its agreement with Endeavor, which will see the company merge with UFC. The transaction valued WWE at an enterprise value of $9.3 billion.
It was also noted that revenue decreased by 11% ($35.8 million) to $297.6 million, which was linked to a “shift in the timing of the staging of a large-scale international event, which occurred in the first quarter of 2022 but is expected to occur in the second quarter of 2023.” This drop was “partially offset” by an increase in revenue from the “contractual escalation of media rights fees for the Company’s flagship weekly programming, Raw and SmackDown, and higher North American ticket sales.”
WWE CEO Nick Khan recently stated that the company will be aggressive in cutting costs following the agreement with Endeavor. Check out his comments here.
