WWE reported earnings of $1.398 billion for 2024, slightly below UFC’s $1.406 billion. Q4 revenues declined due to expiring contracts affecting media rights. WWE Raw viewership increased 13% on Netflix, with NXT boosting CW ratings by 12%. TKO plans three WWE events in Saudi Arabia by 2026 and aims for further international expansions while achieving $100 million in operational savings.
Following the release of their fourth quarter and full year 2024 earnings report, TKO executives, including WWE President Nick Khan, conducted a conference call with the media. During this call, significant highlights pertinent to WWE’s financial and operational status were discussed. Notably, WWE reported annual revenues amounting to $1.398 billion, slightly trailing behind UFC, which achieved $1.406 billion in the same period.
WWE’s fourth quarter earnings totaled $298.3 million, reflecting a $32.9 million decline year-over-year. This decrease can be attributed to a reduction in media rights fees, primarily due to the expiration of WWE Raw’s contract with NBCUniversal in September, along with the delayed commencement of the Netflix agreement until January, which resulted in lower revenue receipts for the months of October through December.
Mark Shapiro, the Chief Executive Officer of TKO, indicated that viewership for WWE Raw on Netflix has seen a notable increase of 13% compared to its previous airing on USA Network last year. He also noted that NXT has significantly benefitted the CW Network, experiencing a 12% growth since moving from USA.
Additionally, President Nick Khan indicated that Netflix has expressed a strong interest in acquiring more WWE content, suggesting that further programming initiatives will be forthcoming. TKO’s Chief Financial Officer, Andrew Schleimer, shared that the company is planning to host three WWE Premium Live Events in Saudi Arabia by 2026, with one event in 2025. The upcoming Royal Rumble event is already confirmed for early next year.
Moreover, TKO has expressed intentions to expand their event offerings in Australia in the coming years. The integration of various departments between WWE and UFC has allowed the company to achieve its goal of $100 million in savings. This strategic alignment positions WWE favorably for future growth and enhanced programming efficacy.
In summary, WWE’s financial outlook for 2024 presents both challenges and opportunities. The revenues have declined, attributed to changes in media rights, yet the audience engagement on platforms like Netflix shows promise. TKO’s plans for future events in Saudi Arabia and Australia signal a deliberate strategy to bolster WWE’s global presence and profitability. Likewise, the collaboration between WWE and UFC appears beneficial in consolidating operations and achieving financial efficiencies.
Original Source: ewrestling.com
