WWE Network reports 24% increase in subscribers

Subscribers to over-the-top wrestling service WWE Network increased 24% year-on-year to 1.46 million in the third quarter.

Announcing its results last week for the three months ended September 30, World Wrestling Entertainment said that WWE Network subscription revenue increased 18% to US$42.8 million from US$36.4 million in the prior year quarter.

However, overall revenues from the company’s media division decreased 4% to US$110.4 million, primarily due to a US$8.9 million declines in TV revenue to US$56.3 million.

“We achieved a 24% increase in average paid subscribers to WWE Network and generated profits that were within the range of our guidance,” said WWE chief strategy and financial officer, George Barrios.

“We expect continued year-over-year growth in subscribers and profits for the fourth quarter resulting in strong full year performance that is in-line with our previous business outlook.”

Overall the company reported total net revenues of US$164.2 million, down from US$166.2 million a year earlier. Operating income before depreciation and amortisation (OIBDA) was US$24.5 million, compared to US$23.4 million in the prior year quarter.