The WWE Network announced its second quarter earnings for the year and while its earnings showed a decrease from 2019, it showed a year-to-date revenue record.
Revenues were $223.4 million as compared to $268.9 million in 2019. According to the WWE, the lack of a large-scale event in Saudi Arabia and live events contributed to this downturn. However, revenues reached a record $514.4 million year-to-date based on the savings on production costs. The operating income increased to $55.7 million compared to $17.1 in 2019.
The WWE Network subscribers declined 1.5% to 1.66 million while ending paid subscribers increased 5% to 1.69 million.
The cost savings measures provided $74.8 million in cash flow generated by operating activities compared to $7.6 million driven by stronger operating performance as well as improved working capital reflecting the timing of collections in the prior year quarter.
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