Annual profits

WWE records annual profits of £ 170million, a 19% increase, despite the coronavirus pandemic preventing fans from attending events

WWE made a whopping £ 170million profit despite financial pressure from the coronavirus pandemic.

As other sports grapple overwhelmingly with the lack of fans in the stadiums, Vince McMahon’s money-making machine continues to turn a profit.

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Vince McMahon Announced Huge Annual WWE ProfitsCredit: Getty Images – Getty

The CEO said, “Our third quarter financial performance was strong and reflected our continued creativity in a challenging environment.

“We continue to scale our business, as evidenced by the creation of WWE ThunderDome, focusing on increasing audience interaction and engagement to support the value of our content globally. “

Ringside News claims its revenue increased 19% from the previous year.

Operating income also rose from £ 44million to £ 49million, while digital video views reached £ 7.1bn, up 3%.

E-commerce also grew by 60% to reach £ 7million.

Despite the profits, that didn’t stop WWE from cutting jobs early in the pandemic.

Legendary wrestler Kurt Angle was one of the biggest names to come out with Karl Anderson and Luke Gallows also among those to be let go.

Other staff members have also been put on leave.

And profits are expected to rise further after the announcement that they will partner with Netflix to produce big-budget docuseries.

Nick Khan, the new president of WWE, broke the news that a “revolutionary new deal” has been reached with the streaming service.

He also added that it was one of the highest budget documentaries ever produced.

It will be directed by Chris Smith, who also produced the hit music festival documentary Fyre Fest.

Khan said, “In a groundbreaking deal, we sold a multi-part documentary with Netflix on the life of none other than our own Vince McMahon.

“By groundbreaking I mean one of the most budgeted documentaries in Netflix history.”

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