While professional sports commissioners and team owners frequently comment on financial losses amid the coronavirus pandemic, World Wrestling Entertainment enjoyed a fruitful second quarter of the economic year.
Per Dave Meltzer of the Wrestling Observer, WWE claimed during a Thursday earnings report that the promotion generated $43.8 million in profits for Q2:
We'll have a full story later, but WWE profits for the quarter blew past analyst expectations. They figured $11.5 million to $12 million. Actual was $43.8 million. Lots of factors, but they saved tons in producing at PC and multiple shows together.— Dave Meltzer (@davemeltzerWON) July 30, 2020
WWE has continued weekly television shows and pay-per-view events behind closed doors and without fans at its Performance Center in Florida since the company stopped touring in March. Because of the uncontrolled virus outbreak, it's not known when the promotion will host its next live event.
Meltzer added that roster cuts made during the spring won't be factored in until the Q3 earnings call, meaning WWE chairman and CEO Vince McMahon will again be looking at record profits later this year:
Last year's Q2 profits were $10.4 million. So they quadrupled profits and this doesn't factor in the talent layoffs because they were still being paid through July 17. That tells you just how ridiculous those layoffs were for the bottom line.— Dave Meltzer (@davemeltzerWON) July 30, 2020
That doesn't even figure in wrestler cuts, that comes next quarter. Does figure in agent cuts though. https://t.co/5rFMsuRxkO— Dave Meltzer (@davemeltzerWON) July 30, 2020
We all knew that. But it's far more pronounced. I first heard a few days ago that COVID-19 was a huge boost to their business because of how much money they saved the way they do television. Didn't realize how big a boost it was. https://t.co/fTrZca7LxH— Dave Meltzer (@davemeltzerWON) July 30, 2020