Home Entertainment WWE posts record revenue of $729M for 2016

WWE posts record revenue of $729M for 2016

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WWE finished 2016 with the highest revenue in its history – $729 million, an 11 percent increase from 2015 – as well as a record $189.3 million in total international revenue, another 11 percent increase.

For the quarter ending Dec. 31, 2016, revenue at the Stamford company increased 17 percent to $194.9 million as compared with the prior year quarter. Net income for the quarter was $8 million or 10 cents per share, as compared with a net loss of $1.2 million or 2 cents per share in the prior year quarter, while operating income increased to $13.9 million from an operating loss of $1.5 million.

“We grew WWE Network to an average of more than 1.5 million subscribers, attracted record attendance of 101,763 fans at WrestleMania, and strengthened the global reach of our television programs, completing distribution deals in China, Australia, Germany and Spain, among other countries,” said WWE Chairman and CEO Vince McMahon. “The increased engagement with our brands across multiple platforms provides a foundation for achieving our 2017 and long-term financial objectives.”

For the first quarter 2017, the company is projecting operating income of $16 million to $20 million and an average paid subscriber rate to WWE Network of $1.48 million – roughly a 15 percent year-over-year increase from the first quarter 2016 – and a sequential quarter increase of 5 percent from the fourth quarter 2016.

WWE further said it expects to achieve another year of record revenue in 2017, with a target of $70 million in operating income.

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