Stephanie McMahon, chief brand officer of World Wrestling Entertainment, Inc., said Monday that the company was focused on content as live-event attendance begins to ramp up in the wake of the COVID-19 pandemic.
In an interview with CNBC, McMahon said the professional wrestling promoter was experiencing "really significant trends" toward increased attendance at live events.
Asked about the WWE's recent deal to stream its wrestling shows on the Peacock streaming service, McMahon said the company would focus on content production in the future.
"We don't want to be competitive in the technology business," she said, adding that the WWE's original streaming service would have had difficulty facing off against behemoths like Disney or Amazon.
Instead, McMahon described the company's current strategy as staying "competitive in terms of content."
Commenting on the return of live audiences at its wrestling events, the WWE exec stated that distribution deals and merchandise allowed it to weather the COVID storm.
McMahon noted that a majority of the firm's revenue is contractual, coming from deals with broadcasters and other similar arrangements. At the same time, she said that an increase in e-commerce revenue offset a fall in live-event revenue during the outbreak.
Still, McMahon highlighted the fact that the company traditionally draws more than $100 million in revenue each year from live events.
Early this year, WWE announced a deal with Comcast's (NASDAQ:CMCSA) NBCUniversal that made the Peacock service the exclusive home of its streaming content.
source: seeking alpha
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