On Sunday, April 7, World Wrestling Entertainment Inc. (WWE) presented WrestleMania 35 at MetLife Stadium in East Rutherford, New Jersey. More than 82,000 fans from all 50 states and 68 countries packed the stadium – and even broke a MetLife Stadium record as the highest grossing entertainment event in its history.
The “showcase of the immortals” grossed $16.9 million, breaking the previous MetLife Stadium record of $12.3 million set by WWE’s WrestleMania 29. New Jersey Governor Phil Murphy said of the event: “WWE outdid themselves by creating an even more exciting WrestleMania than we experienced two years ago.”
This comes after a few months back, the WWE came under pressure for collapsing TV ratings and declining US attendance at live events. More than just a wrestling show, the annual entertainment extravaganza made such unpropitious signs look farcical with its sell-out crowd. Banking on the success of WrestleMania 35, Vince McMahon’s company will be aiming to reach $1 billion in revenue this year.
2018 was already a record year for the company, pulling in $930.2 million revenue. It was the best financial year for the company as they managed a revenue increase of 16%. Digital engagement has seen gaudy numbers with WWE eclipsing 1 billion global social media followers as of March 2019. The organization has seen a 57% increase in video views up to 31.4 billion. In a shareholder statement, Vince McMahon said:
“In 2018, WWE generated the highest level of revenue and earnings in the Company’s history by leveraging our brand strength to increase the monetization of our content worldwide… Our long-term growth strategy will continue to focus on content creation, digitization, and international development.”
WrestleMania, WWE’s Super Bowl, has been utilized as a launching pad for the upcoming year and if 2018 is any indication, 2019 is poised to be another record-setting year for Vince McMahon and company.
Sunday night’s event was also a huge deal for the state of New Jersey which benefits from the $16.9 million events. New Jersey Governor Phil Murphy weighed in to say:
“The WWE Universe helped deliver significant economic results to New Jersey, and we look forward to the opportunity of hosting WrestleMania again in the future.”
All of the wrestling action is not limited to the marquee event. Throughout the course of the past few years, the location of the sports entertainment extravaganza has turned into a hotbed for pro wrestling events and fan festivals leading into the big event. Independent promotions from all over the globe flocked to the host city to entertain the fans throughout the WrestleMania weekend. In total, more than 150,000 wrestling fans are expected to have attended.
As the WWE closes in on $1 billion annual revenue, the franchise has become a sporting powerhouse, with financial figures to match. CEO Vince Mcmahon is worth a whopping $3.3 billion alone, with a 37 percent share of the company. WWE’s pivot away from pay-per-view to digital has been a resounding success. WWE’s YouTube channel is the biggest sports channel on the planet, beating the NFL and NBA. And more than 1.65 million subscribers pay a monthly fee for WWE content. The TV isn’t dead, either. WWE just inked a billion dollar deal with Fox to air Friday night Smackdown events. As WWE co-president George Barrios explained:
“We increased revenue by nearly $130 million and achieved a record level of Adjusted OIBDA and network subscribers. We expect to balance 2019 revenue growth with investment in strategic areas that extend the moat around our business, enabling us to continue our business transformation and maximize shareholder value.”
According to Bloomberg data, this year WWE is expected to surpass the $1 billion revenue mark for the first time in the company’s history — and with mega-events like WrestleMania 35, the company appears well on its way to reaching that mark.