WWE released their 2020 2nd quarter earnings through Berkshire Hathaway this afternoon. In total, it is being touted as a large success given the COVID-19 situation impacting business. Here are some of the key highlights provided:
- Revenues decreased to $223.4 million (2020) from $268.9 million (2019). Overall YTD revenues increased by 14% to a record $514.4 million.
- Operating income increased from $17.1 million (2019) to $55.7 million (2020)
- WWE Network paid subscribers decreased just 1.5% to 1.66 million
- Digital video views increased 10% to a record 9.9 billion
- Digital video hours consumed increased 15% to a record 374 million
- E-commerce sales nearly doubled from 2019 to $12.6 million, which made up a massive majority of lost sales from live events being cancelled
In total, WWE has seen a massive influx of operating income in 2020 ($109 million) vs 2019 ($10.3 million). This is all an excellent indicator of where WWE stands financially, and it looks very good for Vince and company. You can read the full financial report and statement at the link in the beginning of the article.
Jason’s Jest: I have to say that I am indeed shocked and impressed with these numbers. Given the lack of sales at live events, I was expecting a substantial hit in their pocket with record losses, especially after the wave of releases earlier this year.