Dikkshit_Report.pdf

A Market Analysis for
World Wrestling Entertainment Inc. (WWE)
Sauvikh Dikkshit
Full Sail University
Project & Portfolio II: Business and Marketing
December 12, 2022

EXECUTIVE SUMMARY
This report provides an analysis and evaluation of the current profitability, liquidity and financial
stability of World Wrestling Entertainment Inc. (WWE) Methods of analysis are TV Ratings,
Social Media trends, Stock prices and fan feedback. Results of the data showed that WWE is in a
peculiar position where WWE's TV ratings have been on a decline, but the profitability is better
than ever. Results of data analyzed show that all audience are below the required criteria. In,
particular, performance is poor in the areas of TV viewership. While TV ratings are down, the
current position of World Wrestling Entertainment is positive. Stock prices have been going up.
The long term effects of Vince McMahon's departure aren't clear, but early signs seem to point
out that WWE is steadily increasing their revenue. Recommendations discussed include
improving TV viewership of the target audience. Limitations include too much dependence on
TV rights and the lack of streaming service deals for live TV tapings for flagship shows.
OBJECTIVE
Research marketing and merchandising opportunities to engage a younger audience mainly ages
6 or older.
RESEARCH METHODOLOGY
Being a publicly traded company, I've taken a look at WWE's earnings reports from the last few
years. I also took a look at the share prices over the last 5 years. These reports are all internal
listings. Some of the challenges I encountered was finding accurate data of competitors of WWE
to see how they fare against each other.

RESEARCH AND KEY FINDINGS
WWE is an American professional wrestling promotion. A global media and entertainment
company who have branched into various other business ventures (from video games, action
figures to film and NIL athletes). The company was founded in 1953 as the Capitol Wrestling
Corporation. Later in 1980, it was named Titan Sports Inc who acquired Capitol Wrestling
Corporation which was the company for the World Wrestling Federation. Titan Sports were
renamed as World Wrestling Federation Entertainment Inc around 1999. Due to naming lawsuit
from World Wildlife Fund over the WWF trademark, in 2002, WWF had to change to WWE
which is their current moniker, and their name hence is World Wrestling Entertainment Inc.
Current CEO and Chairwoman of WWE is Stephanie McMahon and Nick Khan as Co-CEO of
WWE. They both play an integral part of how WWE is structured towards future of how
professional wrestling is seen on the TV and making entertaining product for the masses.
Stephanie McMahon and Nick Khan handle the company around 40% of business along with

CFO Frank A. Riddick III and Chief Content Officer Paul “Triple H” Levesque. (WWE
Company Overview, n.d.)
“For the fans of professional wrestling who appreciate the love for story driven characters and
brilliant storytelling, WWE is an American professional wrestling promotion featuring an
electrifying wrestling, and amazing characteristics by creating an unforgettable experience for
the fans of wrestling and other combat sports. Wrestling fans will experience something they
have never seen before in any wrestling promotion they can find.” This is what WWE aspires
and delivers in their products for the fans and their target audience.
WWE has three televised programs, WWE Raw, WWE SmackDown, WWE NXT. WWE Raw is
one of their flagship shows which air on USA Network at 8pm EST on Mondays. WWE has a
deal with NBC Universal for WWE Raw TV rights and it is reported worth $1.325 billion which

is $275 million per year. (Vassallo, 2018) WWE SmackDown is one of their flagship shows
which air on FOX at 8pm EST on Fridays. WWE has a deal with FOX for WWE SmackDown
TV rights and it is reported worth $1 billion for a five year agreement. (Munson, 2018b)
WWE NXT is a development show which air on USA Network at 8pm EST on Tuesdays.
WWE has a deal with NBC Universal for WWE NXT TV rights and it is reported to have $30
million a year. (Thurston, 2020a)
Target market of WWE is a younger audience of ages 6+ or older and US focused and
families. While US is their main target, they also focus on international markets like Europe,
Middle East and Asia
2023 they will launch NXT Europe.
Figure A: Number of age group watching WWE
This graph shows how many people in each age group watches WWE products on weekly basis.
Number of Age group watching WWE
Ages 2+ Ages 2-17 Ages 18-34 Ages 35-50 Ages 50+

Ages 2+ are 14% of the viewers who are kids, 22% is between the ages of 2-17 who are
teenagers, 23% is between the ages of 18-34 who are adults and young adults, 26% is
between the ages 35-49 are people who have jobs and 30 % is age 50 or older who are
retired adults.
Figure B: this bar graph shows how much viewership is determined by each race in
watching wrestling on TV.
This graph details about the viewership of each promotion in professional wrestling
around the United States. AEW shows (AEW Rampage & AEW Dynamite) are rated highly
among white viewers. All Elite Wrestling (AEW) Is direct competitor to WWE. They were
founded in 2018 and have been creating waves with their success in last four years.
AEW Dynamite is Wednesday’s #1 wrestling show continues to inject new spirit, freshness
and energy into to mainstream wrestling. Founded by CEO, GM and Head of Creative Tony
Khan, AEW features a world-class roster of diverse male and female wrestlers. The flagship
series is headlined by Kenny Omega, Dr. Britt Baker D.M.D., CM Punk, Bryan Danielson,
0 10 20 30 40 50 60 70 80
WWE SmackDown (Fox)
WWE NXT (USA Network)
WWE Raw (USA Network)
AEW Dynamite (TBS)
AEW Rampage (TNT)
IMPACT (AXS TV)
Total viewership by race in 2022
White Viewers Other race viewers Hispanic viewers Black viewers

Chris Jericho, The Young Bucks (Matt & Nick Jackson), Adam Cole, Sting, Jon Moxley, Miro,
Lucha Bros., PAC and many more. “AEW: Dynamite” also features a legendary commentary
team with Jim Ross, Tony Schiavone, and Excalibur calling the action every week. (All Elite
Wrestling: AEW Dynamite, n.d.)
AEW Rampage is Friday’s late night wrestling show which provides exciting matches
featuring the world-class All Elite Wrestling roster and highlighting
AEW’s rising stars like Hangman Page, MJF, Darby Allin, Nyla Rose, Red Velvet, Ruby Soho,
Hikaru Shida, Thunder Rosa, Jade Cargill, and many more. (All Elite Wrestling: AEW
Rampage, n.d.)
WWE does enjoy a good viewership from black and Hispanic viewers though their white
race viewership is above 50% to balance the viewership overall for their products.
CONCLUSIONS
World Wrestling Entertainment or WWE has seen ups and downs whether its criticism from
some decisions to the success of international premium events but the decline in the audience
watching their products is something that has been happening for a while. After former CEO and
Chairman Vince McMahon retired this summertime in June 2022 will tell what new leadership
will bring to the table. First signs are looking positive, however with TV Deals coming up in
2024 an important phase is coming up next for the new regime under Stephanie McMahon, Nick
Khan and Paul “Triple H” Levesque.
RECOMMENDATIONS

Based on the findings and research, WWE should capitalize on their economic strength and their
worldwide reach of their products. Preserving and strengthening their intellectual property which
has been for years. To combat their weaknesses, WWE should try to have enough content for
their fanbase instead of over-saturating it. The shift from linear television to streaming is a factor
that WWE needs to adapt quickly and get a deal with a major streaming service. WWE shouldn’t
be dependent on TV contracts for their profit. Biggest weakness in the findings was the decline
of the target audience of 18-45 years of age. The audience that WWE should target should be
kids beyond 6 years old and young adults up to 45 years of age. WWE should find more ways to
earn revenue for example, bringing WWE superstars to movies, TV shows and Twitch streams.
WWE did start to do this by bringing celebrities like Bad Bunny and Logan Paul which
generated a lot of mainstream attention and a good financial factor for their premium live events.
Long term increase in TV ratings is the goal that WWE should focus on, and it is something we
would recommend. The benefits of increase in TV ratings are bringing back the mainstream
attractions that WWE heavily missed since 90s, financial growth and putting the product that
their fanbase deserves and it would show on their ratings as well. The positives of catering
towards a younger audience is getting more sponsors and more mainstream success like Roman
Reigns being the popular name in WWE right now for kids and teens. This means more money
for WWE and the company building towards the future by creating more superstars.
REFERENCES
Cite your sources. Use APA short form in the body of the paper and long form in this section.
For this section, use a hanging indent shown here, with the second and subsequent lines
of each source starting ½ inch from the left margin (Format/Paragraph/Indents/Hanging).

WWE Logo, symbol, meaning, history, PNG, brand. (2022, November 17). The Most Famous
Brands and Company Logos in the World. https://logos-world.net/wwe-logo/
Vassallo, C. (2018, May 30). WWE deal with NBCUniversal for Raw worth $1.325 billion.
Wrestling-Online.com. https://www.wrestling-online.com/wwe/wwe-deal-with-
nbcuniversal-for-raw-worth-1-325-billion/
WWE Company Overview. (n.d.). WWE. https://corporate.wwe.com/who-we-are/company-
overview
5 Things That Should Happen On RAW, Smackdown & NXT This Week. (2020, March 31).
IWNerd.com. https://www.iwnerd.com/5-things-that-should-happen-on-raw-smackdown-
nxt-this-week/
Munson, B. (2018b, June 26). Fox officially signs 5-year deal for WWE’s ‘SmackDown Live.’
Fierce Video. https://www.fiercevideo.com/video/fox-officially-signs-five-year-deal-for-
wwe-s-smackdown-live
Thurston, B. (2020a, October 11). The mystery of WWE NXT’s rights fees on USA Network.
Wrestlenomics. https://wrestlenomics.com/2020/10/09/the-mystery-of-wwe-nxts-rights-
fees-on-usa-network/
All Elite Wrestling: AEW Rampage. (n.d.). TNT Drama.
https://www.tntdrama.com/allelitewrestling-rampage
All Elite Wrestling: AEW Dynamite. (n.d.). TBS. https://www.tbs.com/allelitewrestling
APPENDICES

For more complex charts, tables or graphs. Within your paper you can reference your own
original appendix in short form: (Appendix A) and correspond it to an assigned Appendix
letter here: “Appendix A.” Be sure to include a full reference with link if you did not
create it.
“Appendix A”: Pie chart showing number of age group watching WWE
“Appendix B”: This bar graph shows how much viewership is determined by each race in
watching wrestling on TV.
Number of Age group watching WWE
Ages 2+ Ages 2-17 Ages 18-34 Ages 35-50 Ages 50+

0 10 20 30 40 50 60 70 80
WWE SmackDown (Fox)
WWE NXT (USA Network)
WWE Raw (USA Network)
AEW Dynamite (TBS)
AEW Rampage (TNT)
IMPACT (AXS TV)
Total viewership by race in 2022
White Viewers Other race viewers Hispanic viewers Black viewers

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