With the WWE Network converting to Peacock, World Wrestling Entertainment wants to return and focus on what it does best, making content.
WWE Network dismantled its U.S. operations to start 2021 and signed with Peacock. The move is worth $1 billion in a exclusive rights deal that is repositioning the WWE to focus on its product and avoid the streaming wars.
“At the end of the day, we’re not a technology company and shouldn’t try to be,” Stephanie McMahon, the WWE’s chief brand officer, said.
“We are a content company at our core, and we want to do what we do best.”
Like the rest of the world, WWE had to innovate after the COVID-19 pandemic hit last March. The company moved events to Florida to continue operations and adjusted to no spectators at their events.
In its 2020 fourth-quarter report, WWE suffered an $84 million hit and made $238.2 million in revenue. The company still made $970 million thanks to their deal with Fox Corp. (Smackdown) and NBCUniversal’s (Peacock) rights fees.
WrestleMania 37 is scheduled this weekend at Raymond James Stadium. There will be 25,000 fans showing up, and the event will mimic many of the NFL’s Covid-19 protocols – seating pods, distribution of masks, hand sanitizer and cashless transactions.