There is plenty in this world that you don’t have to get to get that it has real meaning to people. Some of those things are big, like faith or identity. You don’t have to why someone defines his or herself in a certain way to recognize that those definitions are at the core of who they are.
You could say the same thing for more inconsequential things. I enjoy Taylor Swift’s music. I’m not her biggest fan in the world, but I recognize that there are plenty of people who want to be in that conversation. They have turned her Eras Tour into one of the most lucrative ventures in the entertainment business in decades.
When Endeavor agreed to pay more than $9 billion to acquire a controlling stake in the WWE, plenty of people got it. Even if they themselves were not wrestling fans, they recognized that the WWE was a cultural touchstone and money-printing machine.
Anyone who still had doubts should take a look at what happened on Friday night. Last week’s edition of Smackdown was a good reminder of what made WWE so valuable.
Football only has one Super Bowl. We know when and where it will happen years in advance. On Friday night, an unscheduled Super Bowl broke out inside of Ball Arena in Denver.
Dwayne Johnson is one of the biggest celebrities in the world. His star turns in countless Hollywood blockbusters have confirmed that. He has been at the center of everything from a Disney animated movie to the Fast & Furious franchise. His fanbase spans generations, but no one loves him more than the people who know him best as The Rock – the people’s champion.
If you have not seen the reaction to his surprise appearance at Smackdown in Denver, I highly recommend you watch it.
More than three minutes pass from the time his music hits until Austin Theory starts speaking. The crowd is on their feet the entire time. They are chanting his name for most of it. People at home were transfixed by the whole affair.
THAT is what Endeavor is paying for.
You don’t have to be a wrestling fan to get it. The last time I followed the WWE, it was still called the WWF. The main event at every pay-per-view was some grouping of The Rock, Triple H and Mankind. We are talking about more than 20 years ago. When I saw what was going on on social media, not only did I consume every clip, but I have rewatched them a couple of times. It gives me goosebumps watching the way that crowd responds to the words “If you smell” blaring over the sound system.
In 2023, ABC and ESPN both may be for sale. The biggest star in the sports world chose the MLS. NBA media rights are on the table as the league looks for new TV deals. Any one of those media investments could yield a significant return.
What Endeavor prioritized when it began to consider adding the WWE to its portfolio was the future upside. The WWE has live events. It has characters and stories to license. It offers a combination of revenue streams and controllable action that ensures its most passionate fans will evangelize about the product to anyone who will listen.
Other sports can be at the mercy of bad games. They all have an offseason. Every fanbase has its own agenda and probably isn’t giving its attention to every broadcast of every game. Those aren’t problems for the WWE.
Throughout the promotion’s history, fans have had times when they openly questioned what it is Vince McMahon is trying to accomplish, but they keep coming back. What we saw Friday night is the reason why.
Endeavor didn’t just invest in a business that can generate money through live events, media rights and merchandising. It invested in a business that can make a 42-year-old who hasn’t even thought about its product in 20 years feel like a kid again just by hearing the phrase “if you smell.” That is an emotional connection that is invaluable.
Demetri Ravanos is a columnist and features writer for Barrett Media. He is also the creator of The Sports Podcast Festival, and a previous host on the Chewing Clock and Media Noise podcasts. He occasionally fills in on stations across the Carolinas in addition to hosting Panthers and College Football podcasts. His radio resume includes stops at WAVH and WZEW in Mobile, AL, WBPT in Birmingham, AL and WBBB, WPTK and WDNC in Raleigh, NC.
You can find him on Twitter @DemetriRavanos or reach him by email at DemetriTheGreek@gmail.com.
