WWE this morning announced WWE Network, its over-the-top digital network supported by MLBAM, has garnered 667,287 subscribers in the six weeks since the initial launch of the venture. The service experienced few operational issues during last night's WrestleMania XXX, and WWE expects to soon hit its initial goal of 1 million subscribers. WrestleMania was the first such event to appear on the new service. The WWE Network costs $9.99 per month with a minimum six-month commitment (Eric Fisher, Staff Writer). AD AGE's Jeanine Poggi reports while the number of subs is "encouraging for the company, they likely capture the network's lowest-hanging fruit -- die-hard wrestling fans who more or less rushed to try the new offering." It is yet to be seen "how long WWE Network can continue to add subscribers at a rapid clip, and how many continue their subscriptions after their six-month commitment." WWE Network does not include advertising at this point, but company execs have indicated that they "will begin selling sponsorships and 30-second spots this summer" (ADAGE.com, 4/7). WWE plans to debut the net "in Canada, the U.K., Australia, New Zealand, Singapore, Hong Kong and the Nordic countries" in late '14 and early '15 (VARIETY.com, 4/7).
STOCK TAKING A HIT: CNBC's Dominick Chu reported shares of WWE are "taking a beating" this morning. While the company states it is on pace to get 1 million subs for WWE Network by the end of the year, Barrons "is out saying its ultimate appeal could be over estimating that it might not acquire enough subscribers to counteract the drop in pay-per-view event revenue." It also is possible that the net's "international appeal may not meet its lofty expectations" ("Squawk on the Street," CNBC, 4/7). WWE stock by presstime today tumbled by more than 20%. Prior to today, WWE stock had been among the best market performers in Q1, rising by 75% (Fisher).
