At just $9.99 per month, the WWE Network has been a great value for fans since its February launch, but so far the number of people actually subscribed to the service has been disappointing.
Today, during the company’s quarterly business results conference, the wrestling conglomerate announced that 700,000 people had subscribed to the Network. That’s well below the one million subscribers that some had predicted when the service was first launched.
However, the company could get some good news soon when it brings the WWE Network to over 170 countries on August 12. So far, the streaming service has only been available in the United States, so the extra subscriptions from fans overseas would be a huge boost to the company’s financial outlook.
On Aug. 12, countries including New Zealand, Australia, Mexico and Spain will have access to the massive WWE Network library. The company’s financial press release also stated that it would land in the U.K. this October.
There are still plenty of major territories missing from that list, but plans for India, Italy, Germany, Japan, among others, will be “communicated at a later date," according to the company.
In all, the company suffered a loss of $14.5 million this quarter, compared to a Net income of $5.2 million for the same time period last year.
“As we expanded WWE Network to 700,000 subscribers, our earnings performance surpassed our guidance, which targeted a Net loss ranging from $15 million to $18 million. Our key metrics continued to show strength as average North American attendance increased 11%, representing the fourth consecutive quarter of year-over-year growth. Raw and SmackDown TV ratings increased 5% and 3%, respectively, marking SmackDown's 7th quarter of growth among the past 8 quarters,” George Barrios, Chief Strategy & Financial Officer, said in a press release.
Barrios also went on to explain that the company reduced its staff by 7 percent, following its stock meltdown earlier in the year.
As of now, the WWE Network hasn’t exactly paid off for the company, but with the inclusion of international markets and an aggressive marketing campaign, WWE is hoping to stabilize its finances for the future.
