Wednesday, February 14, 2018

How much does WWE make on Total Divas & Total Bellas?

2015: 23 episodes of Total Divas, 0 episodes of Total Bellas, 10 episodes of Tough Enough
2016: 20 episodes of Total Divas, 6 episodes of Total Bellas, 0 episodes of Tough Enough
2017: 17 episodes of Total Divas, 8 episodes of Total Bellas, 0 episodes of Tough Enough

2016 annual report:

a) "There were 20 new episodes of these licensed reality series (Total Divas) in 2016 as compared to 33 episodes in 2015 (Total Divas+Tough Enough), which resulted in a decrease in revenues of $6.7 million."
b) "$3.9 million of revenues associated with our new licensed reality based series, Total Bellas." (6 episodes)

~$650k/episode [2016 Total Bellas]

In Q2 2017 WWE noted that:

c) "There were six new episodes of this series (Total Divas) in the current year quarter as compared to three episodes in the prior year quarter (Total Divas), which resulted in an increase in revenues of $2.8 million. " It also notes that, "There were ten new episodes of this series in the current year six-month period (Total Divas) as compared to 14 episodes in the prior year six-month period (Total Divas), which resulted in a decrease in revenues of $1.7 million."

X = 2017 Total Divas
Y = 2016 Total Divas

10x-14y = -$1.7 million
6x-3y = $2.8 million

X = ~$820k/episode [2017 Total Divas]
Y = ~$707k/episode [2016 Total Divas]

(This seems roughly consistent with the Q1 2017 filing which compared 4 episodes in 2017 with 11 episodes in 2016 for a decrease of $4.4 million.)

In a Q3 2016 filing, WWE noted: d) "There were 14 new episodes of our licensed reality programming (Total Divas) in the current year nine-month period as compared to 33 episodes (Total Divas + Tough Enough) in the prior year nine-month period, which resulted in a decrease in revenues of $11.6 million."

That implies the 2015 Tough Enough/Total Divas episodes were about ~652k/episode.

Lastly, they noted in one filing that, "licensed reality based series mentioned above typically have a lower margin than our other television programming."

We'll know a lot more next quarter when they start breaking out revenue for Smackdown/Raw separate from the other television programming.

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