In wrestling, you always have to think long-term. That's the energy behind TKO Group Holdings’ latest fourth-quarter earnings report. WWE took a revenue hit after WWE Raw made its big move from cable television to Netflix, but don’t get it twisted; this ain’t a loss. Despite a 10% dip in WWE revenue, bringing it down to $298.3 million, TKO still beat Wall Street’s expectations. This is just the setup for a heavy hitter money move, with Raw now locked into a game-changing, $5 billion streaming deal that’s set to redefine sports entertainment.
Meanwhile, while WWE’s adjusting, UFC is thriving. The MMA powerhouse flexed hard with a 22% revenue jump to $343.9 million, alongside a 25% boost in adjusted EBITDA. That’s the kind of financial cardio that keeps Endeavor’s execs smiling. Even with WWE’s temporary dip, TKO’s total revenue still climbed 5% to $642.2 million; not bad for a company navigating major shifts and dealing with a $375 million UFC fighter settlement.
EBITDA?
For the non-financiers out there, you might be asking, what’s EBITDA? Let me put it in a way that may make sense:
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization; it’s basically a raw measure of how much cash a company’s making before all the extra costs come into play. Think of it like a wrestler’s in-ring performance before all the outside factors (contracts, travel expenses, and Uncle Sam) take their cut. Let’s say WWE’s hottest superstar just headlined WrestleMania pulling in $10 million from ticket sales, merch and boosting PLE streaming numbers. If you only look at their final payout after taxes and expenses, it might seem like they made way less. EBITDA is like looking at that superstar’s true box office draw, before all the financial deductions muddy the true picture. And for WWE/TKO? A high EBITDA means their money machine is running strong before those financial distractions even come into play.
What’s Next for the WWE/TKO Storyline?
This quarter marks the first true quarter-to-quarter comparison since WWE and UFC officially formed Voltron under the TKO banner in September 2023. Endeavor still runs the show, but with its own stock set to go private soon, the real question is: What’s next? The answer? New media rights deals for UFC and WWE’s Premium Live Events. These negotiations will set the stage for how high this empire can climb.
CEO Ari Emanuel is keeping the energy bullish, hyping up TKO’s IP dominance and expansion game plan. That includes absorbing recent acquisitions like IMG, On Location, and Professional Bull Riders (PBR) while doubling down on delivering top-tier live events and keeping shareholders happy with a capital return.
But it’s not just boardroom plays. TKO is about to make history this weekend in Kansas City, rolling out a first-of-its-kind crossover event featuring WWE, UFC and PBR all in one night. A wrestling, MMA and bull riding fusion? Does this sound like the kind of spectacle that will set the tone for TKO’s next phase?
WWE might’ve taken a dip this quarter, but this ain’t an L, it might be more of a transition. If Raw’s Netflix era pops off the way TKO and fans are expecting, that 10% drop might be nothing more than a setup for a bigger win down the road.
Catch Mimi, also known as #TheWrestlingChic, co-hosting #TheBuckle: #TurnbuckleTalk, every Tuesday at 6:35PM ET on X Spaces and Thursday at 8:35PM ET w/the rest of the crew on The Black Rasslin' Podcast on YouTube.
Ask Khal, I’ve been chomping at the bit! Clarity has been given; number crunchers, gather ‘round ‘cause we got some data… FINALLY. Netflix hit us this week with a clarification on how they’re calculating the streaming viewership for WWE's Raw, and while it ain’t a full-on conspiracy, the math’s been looking a little… sus. Let’s get into it.
The Raw Data—Literally Since Raw made its Netflix debut in January, it’s been popping up in those Tudum Top 10 rankings like a certified hit. But some sharp-eyed analysts noticed that when you apply Netflix’s standard calculation (hours viewed ÷ runtime), Raw wasn’t lining up like your typical binge-worthy drama. Low key, of course it wouldn’t. A weekly live show can’t measure up to original Netflix reality dramas like Young, Famous and African.
Netflix heard the whispers and executives came through with an explanation:
Live Raw vs. On-Demand Raw – Live broadcasts roll differently than replays, so runtime isn’t consistent across both formats.
Blended Views – Netflix doesn’t just use a single formula to calculate Raw’s numbers. Instead, they mix calculations from different versions of each episode, factoring in both live and on-demand runtimes. Since Netflix is available worldwide, views are measured globally and typically follow a simple formula: Views = Hours Viewed × Runtime (in hours). But with Raw, that equation isn’t always so straightforward.
Ads Affect Runtime – The show runs longer live due to commercials, while on-demand viewers get the streamlined version.
Now, does that mean the numbers were rigged like a small package? Not really. But it does mean that comparing Raw to, say Sweet Magnolias or Season 8 of Love Is Blind isn’t as straightforward as it looks.
Breaking Down the Discrepancies So here’s where it gets boom-bastic side-eyed, when you check the stats for past Raw episodes, the gaps in calculation you can say has varied. Sometimes the Netflix reported views were lower than the raw (pun intended) math and sometimes, like the post-Royal Rumble episode, they were higher. The Rumble itself had no discrepancy. Why? Because it was a two-day sample window, while Monday Night Raw gets a full seven days of data. That supports Netflix’s claim that live and on-demand runtimes are affecting how views are counted.
What’s the Verdict? Is this a smoking gun? Nah. However, wrestling viewership on Netflix requires a different lens than your typical streaming hit. How would that lens look? That's still up for debate. WWE Raw is a different kind of beast: part live attraction, part binge-worthy and a three hour endurance test for both fans and WWE superstars. It’s still too early to draw a solid conclusion of its performance. To get a true and accurate read, a full year of data, week by week would be needed even with this formula in play. Some might even argue this method isn't the best way to measure this programing at all.
At the end of the day, WWE and Netflix are still in their honeymoon phase and this little numbers game is just a growing pain. The real test? How these stats hold up as Raw continues to evolve on the platform. Until then, let’s keep watching, let’s keep questioning and remember; just like a great wrestling storyline, the truth is always a little more complicated than it seems.
Look at AEW: when it entered the scene during the peak of the pandemic, numbers skyrocketed against NXT, thus creating the Rating Wars. After three years, the dust settled, the bottom fell out, and the real story emerged. Viewership is at a decline, even with some big name signings. Meanwhile, NXT had held steady despite shifting networks (two-times, by the way), receiving big viewership spikes for their special episodes.
In the long run, time always tells the real story.
*Writer's note: That reminds me! For a premium Netflix sub of $24.99, you're getting commercials throughout RAW? My weekly complaint is: WTF!
Catch Mimi, also known as #TheWrestlingChic, co-hosting #TheBuckle: #TurnbuckleTalk, every Tuesday at 6:35PM ET on X Spaces and Thursday at 8:35PM ET w/the rest of the crew on The Black Rasslin' Podcast on YouTube.
When WWE first announced the historic move of Monday Night RAW to Netflix in January 2024, I’ll admit, I had my doubts. The longest-running episodic TV show in history shifting from cable to a paid streaming platform? It felt risky. How would this play out for WWE’s loyal fanbase, especially those who’ve been riding with the product for decades on traditional TV? I worried about partnerships, sponsors, and, let’s keep it all the way real, whether this would alienate fans who couldn’t afford another subscription (even if Netflix is always top-tier in the streaming list). WWE’s global footprint has grown massive over the years and the idea of putting RAW behind a paywall had me side-eyeing the whole plan. Literally… “Iono”
Netflix’in Like a Superstar’s Return
Fast forward to this week and boy, did WWE silence the skeptics (which included yours truly). The numbers don’t lie; #RAWonNetflix was a certified hit. Pulling in 4.9 million Live+1 global views, this wasn’t just a win; it was a mic-drop moment for both WWE and Netflix. In the U.S. alone, RAW averaged 2.6 million households, more than doubling its 2024 cable audience and delivering the best RAW ratings in five years. That’s not just growth, that’s breaking the ceiling and the walls around it.
The sold-out debut at L.A.’s Intuit Dome smashed records, becoming WWE’s highest-grossing arena event of all time, while also setting a merchandise sales record for a non-PPV event. But let’s get into the card itself and all the extras:
Rhea Ripley reclaimed the Women’s World Championship from Liv Morgan (yaaass!)
Roman Reigns defeated Solo Sikoa in a brutal Tribal Combat match (because our Tribal Chief always delivers)
CM Punk edged out Seth “Freakin” Rollins (okay… I’ll admit it had me rolling my eyes, but also low-key a good match)
Jey UsoYeet’d Drew McIntyre out the building
And the cameos? From The Rock hyping the crowd with his opening promo to Travis Scott’s spliff puffing entrance, plus appearances from The Undertaker, Logan Paul, and John Cena, who kicked off his farewell tour (exclusively for Netflix). The night was a whole vibe, stacked with big money and even bigger moments for history.
Social Media Domination
The hype began days before, with timelines buzzing with chatter. Lapsed and non-wrestling fans were curious to see what all the excitement was about. The moment the show went live, social media exploded. RAW became the #1 trending topic in major markets like the U.S., Brazil, and the UK, where it held the top spot for an incredible 14 hours straight. Meanwhile, #RAWonNetflix and #WWEonNetflix lit up timelines in Mexico, Spain, and Canada. WWE didn’t just trend, they owned the People's internet for the night and days after.
WWE’s Gamble Pays Off
It’s safe to say that WWE’s streaming gamble paid off in championship gold. Netflix’s massive global reach took RAW’s audience to new heights, and with SmackDown, NXT, and WWE Premium Live Events also joining the platform internationally, the future of WWE storytelling just got way bigger, and way more binge-worthy.
Now, I wasn’t sure how this would shake out, but RAW’s record-breaking debut proves one thing: WWE isn’t just playing the game; they’re rewriting the rules. But let’s keep it real, this was just one night. The real question is, can they keep this same energy week after week?
Catch Mimi, also known as #TheWrestlingChic, co-hosting #TheBuckle: #TurnbuckleTalk, every Tuesday at 6:35PM ET on X Spaces and Thursday at 8:35PM ET w/the rest of the crew on The Black Rasslin' Podcast on YouTube.
The Black Rasslin' Podcast returns for a healthy dose of rasslin'-flavored insight and entertainment! This week, Fam, Matth, Mimi, DDm, and khal return to recap WWE Raw's debut on Netflix, NXT New Year's Evil, and MUCH MORE!
You know the routine: you can stream and download this week's episode via SoundCloud, and subscribe via Apple Podcasts, Google Play, and Spotify! We stream live every Thursday at 8:35PM ET on YouTube. We also encourage you to become a member of the BRPatreon, where you can get even MORE exclusive content (and merch discounts)! We'll catch you next week; tell a friend to tell their homies to LIKE, rate, comment, subscribe, and share!
The Black Rasslin' Podcast returns for a healthy dose of rasslin'-flavored insight and entertainment! This week, Fam, Matth, DDm, and khal return to talk Sweet Daddy Siki's legacy, Omos winning big in NOAH, Raw's last show on USA (and their first show on Netflix), NXT New Year's Evil, the BRP Fat Tape '24, and more!
You know the routine: you can stream and download this week's episode via SoundCloud, and subscribe via Apple Podcasts, Google Play, and Spotify! We stream live every Thursday at 8:35PM ET on YouTube. We also encourage you to become a member of the BRPatreon, where you can get even MORE exclusive content (and merch discounts)! We'll catch you next week; tell a friend to tell their homies to LIKE, rate, comment, subscribe, and share!
With the recent release of Netflix's new docuseries 'Mr. McMahon,' which gives viewers a warts-and-all look at Vince McMahon and the history of World Wrestling Entertainment, #BRP decided to give each episode the #NoCapRecap treatment.
In the sixth and final episode, the Benoit tragedy leads to the PG era of WWE. It also features the end of the Undertaker's streak and the evolution of women's wrestling in WWE. The squad then talks what makes a documentary dope and what, if anything, they would have liked to have seen in this series.
With the recent release of Netflix's new docuseries Mr. McMahon, which gives viewers a warts-and-all look at Vince McMahon and the history of World Wrestling Entertainment, #BRP decided to give each episode the #NoCapRecap treatment.
In episode five, Stephanie and Shane McMahon join the family business, which also acquires WCW and starts XFL. We also hit the Ruthless Aggression era.
With the recent release of Netflix's new docuseries Mr. McMahon, which gives viewers a warts-and-all look at Vince McMahon and the history of World Wrestling Entertainment, #BRP decided to give each episode the #NoCapRecap treatment.
In episode four, the Attitude Era is here. We're talking the rise of D-X, The Rock, and "Stone Cold" Steve Austin, as well as the death of Owen Hart and how all of this is depicted in the doc.
With the recent release of Netflix's new docuseries Mr. McMahon, which gives viewers a warts-and-all look at Vince McMahon and the history of World Wrestling Entertainment, #BRP decided to give each episode the #NoCapRecap treatment.
In episode three, we find out what Hogan did at the steroids trial, enter the WWF's "New Generation" and discuss the infamous Curtain Call before talking the Montreal Screwjob, and more!
