Earlier this week, WWE released their second quarter financial numbers for the company. Not surprisingly, WWE broke new company records in several different categories.
Here are some highlights from the second quarter earnings report:
- Revenue increased 32% to a record $199.0 million as WWE’s Live Event and Network segments achieved their highest quarterly revenue in Company history.
- WWE Network reached a record of 1.52 million average paid subscribers over the second quarter 2016, which represented a 25% increase from the second quarter 2015. This number is a 4.5 % increase from the 1.454 million paid subscribers, which was revealed the day after WrestleMania 32. WWE is projecting 1.49 million paid subscribers for quarter three in 2016.
- The Company announced a multi-year content distribution deal in China with PPTV, the return of a WWE live event to Shanghai in September and the signing of the first-ever Chinese talent.
- Through the first six months of the year, digital engagement metrics continued to grow with video views up over 100% to nearly 8 billion and social media engagements up 39% to 570 million versus the prior year.
In this press statement, WWE Chairman and CEO Vince McMahon stated:
“I continue to be pleased with the execution of our strategy to optimize the long-term value of our content. Progress on this objective is evidenced by the continued year-over-year growth of WWE Network, the transition of SmackDown to a live format every week and the completion of our first exclusive content agreement in China.”
Finally, here is WWE’s official mission statement for the rest of 2016:
“WWE management has previously indicated that if the average paid subscribers to WWE Network increases at a rate between 20% and 25% in 2016, 2016 Adjusted OIBDA could be in a range of approximately $70 million to $85 million. If recent overarching trends regarding the acquisition and retention of subscribers continue over the remainder of 2016, management continues to believe average paid subscriber growth would be at the upper end of its range and 2016 Adjusted OIBDA would be between $80 million and $85 million. The range of 2016 Adjusted OIBDA includes the previously communicated incremental investment of $15 million to $20 million in content, technology and emerging markets. As recent historical data may not offer a comparable basis for projecting future results and future results may differ from the range provided, management offers these ranges of 2016 subscriber growth and financial performance to provide further perspective rather than as guidance.”
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