Man, that’s a lot of zeros.
For the first time in history, the flagship WWE show, Monday Night Raw, is leaving cable television and heading to the streaming world. WWE announced on Tuesday morning that Raw will stream on Netflix in the US, Canada, UK, and Latin America beginning in January of 2025. The deal is reportedly worth $5 billion dollars over ten years.
So, yeah. Like I said. Lots of zeros.
This deal with Netflix is a perfectly logical maneuver for a company like WWE that is attempting to reach potential eyeballs wherever those eyeballs are consuming content. WWE regularly touts their social media records and YouTube viewership, they announced a new television rights deal for NXT late last year that will see the company’s third television brand hit The CW and terrestrial TV in the fall, and they announced that their Smackdown property will head to NBCU and the USA Network on cable beginning in the fall as well. The company is covered digitally, they’re well positioned on traditional television, still strong on cable, and the deal for Raw gives them a massive presence in the streaming space as well.
Content diversification
Moving Raw to Netflix diversifies their content distribution strategy, but it also links the company up with a global powerhouse. Netflix has nearly 250 million subscribers worldwide and Raw’s availability to a lot of them provides WWE with a new market of eyes to win. The global distribution of Raw on the Netflix platform also plays harmoniously with WWE’s live event expansion that this year will include major premium live events in Australia, France, and Canada.
So, it’s all roses and zeros inside the halls of WWE, but this deal gives them more than just money and eyes. It gives them the opportunity to flex and flex powerfully. Just like Vince McMahon likes it. Nick Khan, Ari Emanuel, and Triple H too.
WWE and Netflix? Live streaming? $5 billion? No other wrestling company or promotion in history could have pulled this off. In a streaming world where top tier wrestling promotions pop up constantly to rave reviews, stellar talent, and strong matches, it’s been easier than ever for wrestling fans to find what they like and stuff their faces with it. This move reminds the market who the boss is. Now, it’s easier than ever for wrestling fans to find WWE.
The boyhood dream has come true
The deal with Netflix also solidifies what Vince McMahon has been obnoxiously chasing for the entirety of his time at the helm of WWE. It’s a flex that finally gives the company true mainstream acceptance — culturally, in boardrooms, and in the eyes of their potential audience. Congrats, Vince. You stubborn, evil, Bond villain. You did it.
Now, WWE is certain to lose some viewers because of this deal. There will be current fans of Raw that don’t have Netflix and don’t want it. WWE is ok with that and count on those fans consuming their product in other ways — there are lots. With their product in so many different places, they have a safety net for fans that won’t be converted to Netflix.
So, this is a big day for the wrestling industry. With WWE in the Netflix orbit, all kinds of possibilities are open to them as a company and to the talent on the roster. WWE will continue to expand their slate of international events because of where the deal for Raw puts the show. The international live shows have regularly been strong performers in terms of ticket sales and gates, but have also generated incredibly engaged audiences ready for the product to be injected into their veins.
With the company ingratiated into the Netflix sphere, the door is open to significant amounts of documentary style content about stars, events, and other stories important to WWE lore. Vince McMahon has a documentary set to hit Netflix and it won’t be the last one that takes over the platform during the decade long agreement WWE has with the streamer. WWE CEO, Nick Khan, has leveraged the history and nostalgia of WWE for monetization with partnerships like the Biography series on A&E. The Netflix deal is like that one on 1980’s Hulk Hogan steroids.
WWE Netflix Superstars
For the talent? Oh, hello potential Netflix series. If you’re Mercedes Mone, you’re pulling out that crinkled up WWE contract from the trash can, flattening it out, and signing that beast, right? If Mone wants to pursue a career in acting, well, now she has the smoothest avenue possible into that space. Ari Emanuel and Endeavor on one side, Netflix on the other. Boom. WWE stars will get their shot — especially the big ones like Mone if she returns.
We’ve seen the success of wrestling based reality shows with Total Divas and Total Bellas. Bianca Belair and Montez Ford just dropped the trailer for their new series as well. A deal with Netflix leaves the door wide open for WWE talent to flex their entertainment chops and do more than just take bumps in the ring.
Flex
TKO Group stock is up 16% at the time of this writing. The market likes the move. WWE has $5 billion reasons to like the move. Netflix likes the move and may even have Raw at a discount by the time the decade-long agreement ends. Fans should like the move as well. Talent too. It all just makes sense.
It’s a flex and it’s a big one. WWE is already pretty puffy, now the veins are bulging.