WWE Reports $265.6 Million Revenue For Second Quarter 2021, Vince McMahon Comments
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WWE has released its second-quarter financial results, and the company generated $265.6 million revenue, an increase of 19% or $42.2 milion.
WWE cited an “increase in Media segment revenue” for the profit.
Among other takeways, the release shows that the company’s operating income decreased 17% due to higher television and event-related production expenses. The company also named the $8.1 million spent as a severance expence as a factor. Plus, the company’s digital video views were 11.2 billion, a new record number and an increase of 13%.
Vince McMahon’s comment is part of the press release about the earnings:
“During the second quarter, we generated solid financial results as we continued to focus on building fan engagement,” said McMahon, WWE Chairman & CEO. “With the announced return to live event touring and robust ticket demand, we believe we can further consumption across platforms, maximize new business opportunities and drive long-term growth.”
The press release is as follows:
Key Performance Metrics Improve
Second Quarter 2021 Highlights*
* (All comparisons are versus the prior year period unless stated otherwise)
- Revenue was $265.6 million, an increase of 19% or $42.2 million, primarily due to an increase in Media segment revenue driven by the increased monetization of content and, to a lesser extent, an increase in Live Event segment revenue reflecting ticket sales from WrestleMania, the Company’s first ticketed live event since the first quarter 2020
- Operating income was $46.3 million, a decrease of 17% or $9.4 million, primarily driven by higher television and event-related production expense related to WWE ThunderDome and WrestleMania 37 and, to a lesser extent, increased personnel expense, including $8.1 million in severance expense as well as higher compensation expense as employees returned from furlough
- Adjusted OIBDA1 was $68.1 million, a decrease of 7% or $5.4 million
- WWE announced its return to live event touring beginning July 16, 2021, with tickets for events on sale through the end of September 2021. The five events that aired through July 26 have been at or close to full capacity with current demand for future events at least on par with 2019
- Digital video views were a record 11.2 billion, an increase of 13%, and hours consumed were a record 394 million, an increase of 5%, across digital and social platforms2
- Return of capital to shareholders totaled $27.9 million, including $18.8 million in share repurchases and $9.1 million in dividends paid
STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) today announced financial results for its second quarter ended June 30, 2021.
“During the second quarter, we generated solid financial results as we continued to focus on building fan engagement,” said Vince McMahon, WWE Chairman & CEO. “With the announced return to live event touring and robust ticket demand, we believe we can further consumption across platforms, maximize new business opportunities and drive long-term growth.”
Kristina Salen, WWE Chief Financial Officer, added “In the quarter, Adjusted OIBDA results reflected an increase in television production expenses to enhance the viewing experience of WWE’s fans. Although Adjusted OIBDA declined, key performance metrics demonstrated positive trends and we continue to realize better than expected television production efficiencies, stronger sponsorship sales and heightened demand for our live events.”
More information, including a consolidated breakdown of the results, is available here.
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