WWE’s Streaming Value Called Into Question as Backlash Fails to Deliver Viewership Bump

WWE’s billion-dollar streaming ambitions may be facing a reality check. While the company’s deal with Netflix and existing relationship with Peacock have fueled major expectations for media rights revenue, early signs suggest those investments aren’t paying off as planned—especially when it comes to actual viewer growth.

Speaking on Wrestling Observer Radio, Dave Meltzer raised concerns about WWE’s media rights strategy and how much streaming platforms are actually getting in return. According to Meltzer, both WWE and UFC are seeking massive increases—upwards of 70%—but platforms like Peacock have already overspent.

“Quite frankly, what UFC wants—and even more what WWE wants—does not make economic sense to the buyer. I mean, it depends on the buyer and all this… Peacock was already, which is a giant money-loser, overspending on the WWE thing, and the idea of trying to get a 70% increase there…”

“The stock price is counting on that 70% increase. And quite frankly, it doesn’t make economic sense.”

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Meltzer pointed specifically to the performance of WWE Backlash on Netflix as a red flag. While the show marked one of WWE’s first major premium live events on the streaming platform, it didn’t appear to attract any new viewers outside the company’s existing fanbase.

“When I saw the lack of number [for WWE Backlash on Netflix]… I mean, it appears to me that nobody watched Backlash that doesn’t already watch RAW every week.”

“If you’re a subscriber-based thing—they’re already subscribing. For WrestleMania, that could be different. But I don’t know that it’s worth [what they’re paying].”

“Even the RAW number honestly doesn’t make sense to me for $500 million a year. It’s just way more than they’re deriving from the content.”

WWE’s ability to drive viewership outside its core fanbase will be critical in justifying its current and future streaming deals. While major events like WrestleMania may hold more value, Meltzer’s assessment suggests that shows like Backlash aren’t delivering the kind of return Netflix was likely hoping for.

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