It’s been a big few months for the WWE.
CM Punk returned in November after abruptly walking away from the company 9 years ago. The Rock made a surprise return to kick off the New Year.
And now WWE, the biggest pro wrestling company in the world, and Netflix, the biggest streaming service in the world, just announced a $5 billion deal that exclusively brings its flagship Monday night program Raw to the movie and TV show platform.
“WWE Raw is getting in the ring with Netflix!,” the latter announced on Tuesday.
“This partnership is one that will break new ground, and take @WWE to new heights,” WWE Superstar and Chief Content Officer Triple H posted on X. “Now we change the game!!!!”
As Variety reports, the deal spans ten years and lands the WWE a whopping $500 million per year, roughly double what the wrestling organization makes with its current NBCUniversal deal. Netflix does have an option to opt out after 5 years if it chooses. Netflix can also decide to extend the contract for another ten years as well.
Raw will air exclusively in U.S., Canada, the UK, and Latin America. According to Variety, it will also extend into other countries and territories as well later on.
Perhaps most interesting, though, is the fact that outside the US, Netflix will also become home to WWE’s other shows like Smackdown and NXT as well as special events like Royal Rumble and WrestleMania.
Currently, WWE has its own streaming platform, WWE Network, which is available to U.S. customers through NBCUniversal’s Peacock and internationally through its own stand-alone subscription. It’s unclear what will change with WWE Network once the WWE starts airing on Netflix
The ten-year deal between WWE and Netflix begins in January 2025, so wrestling fans will have a whole year to wait. But the significance of the deal will create anticipation all year, and between Netflix and the WWE, Netflix might be the bigger beneficiary of all that anticipation.
WWE makes billions, but its an even bigger deal for Netflix
WWE Raw has long aired on USA Network, first debuting in January 1993. WWE brought the show to another network once before, the now-defunct Spike TV, before ultimately making its home on USA Network once again in 2005. However, the Netflix deal will mark the very first time in its more than 30 year history that WWE Raw won’t air weekly on cable television.
But, WWE won’t lose out on potential viewership with the deal even with the more from live TV to live streaming. USA Network is currently available in around 73 million homes in the U.S. Netflix last reported that it has more than 77 million subscribers in the U.S. and Canada.
And, of course, WWE walks away with billions — roughly double the amount it makes off its current TV rights deal. Yet, Netflix may be the biggest winner here.
Competition in the streaming space has certainly been heating up over the past few years. Disney+, Max, Amazon Prime Video, Apple TV+, Paramount+, and Peacock have all become major players in the market. And while Netflix may be able to compete or even dominate in the spheres of film and narrative television, it has fallen way behind when it comes to live events.
While competitors are airing live sports like the NFL and MLB or other special events like live award shows, Netflix has been almost completely missing from the live streaming business. Aside from comedy specials or other one-off shows, Netflix has not streamed any regularly airing events.
In the television industry, where movies and TV shows can be watched anytime and on-demand, can’t-miss live events are still seen as the clearest path to huge ratings. That’s why professional sports leagues and even the WWE can demand a premium price for the rights to air their shows and events.
WWE’s weekly live Raw show will be Netflix’s very first entry into regularly scheduled live event streaming. Will WWE fans flock to Netflix? Will Netflix customers discover the art of pro wrestling for the first time? Will WWE Raw‘s move from TV to streaming work? Will this keep Netflix in-line with its competitors when it comes to live events?
The answers to these soon-to-be answered questions may be more interesting than finding out which wrestler will take on WWE Universal champion Roman Reigns and main event this year’s WrestleMania.
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