Will WWE's big Netflix gamble pay off at WrestleMania?

Millions of wrestling fans across the world are gearing up for this weekend's much-anticipated annual finale - WrestleMania 41. Just ask seven-year-old Oliver, who's spent the past week of his school holidays waking his dad, Paul, at 6:30 to eagerly count down the days. He's even being allowed to get up at midnight to watch it, because, asone of the 17 million UK households subscribed to Netflix, the family now has live ringside access to the two-night Las Vegas extravaganza. It means Oliver will finally get to find out if 16-time champion John Cena, who'srecently flipped from hero to villainas part of his farewell tour (leaving Oliver in shock), can defeat Cody Rhodes in a record-breaking win before retirement. It's all part of a$5bn (£4bn) mega-dealbringing World Wrestling Entertainment's (WWE) archive and biggest events to the streamer - with WrestleMania now available live on Netflix in many international territories for the very first time. US viewers, however, will still be watching on NBC's Peacock, at least for now. The 10-year contract, which began earlier this year, connects WWE with a potential global audience of 700 million. It's central to WWE chief content officer Paul 'Triple H' Levesque's vision of making wrestling globally accessible and relevant to a new generation of streaming era fans. The stakes are high. WrestleMania, which began in 1985, is being treated as a litmus test - not just for WWE's global expansion, but for Netflix's potential move into live sports. But will this blockbuster tag-team partnership pay off, or will it prove one (very) expensive fight too far? The Netflix/WWE deal reflects changes in viewing habits, and also speaks to WWE's eagerness to be promoted by the "winner of the streaming wars", the Wrestlenomics website editor Brandon Thurston tells the BBC. After years of relying on cable pay-per-view - which charged US viewers a hefty $60 (£45) per event - WWE launched its own network in 2014. The company took most of its pay-per-view events in house, aware that half the revenue was being lost to satellite companies. The move paid off, says Thurston, as prices for pay-per-view events dropped significantly to around $10 (£7.50), creating "a larger audience than ever". The Netflix deal is, according to Thurston, part of WWE's plans to recruit globally, create bigger international stars, and amplify its live tournaments such as Raw, WrestleMania and Smackdown across different markets. As WWE's Levesquetold the Ankler podcast, Netflix's universal "simplicity" felt game-changing: "No matter where you are in the globe, there it is right in front of you. It's one click, and you're on and you're in". Good thing too, as Levesque says younger audiences have "no concept" of traditional television, and increasinglyview on-demand streaming as the norm, alongside video platforms like YouTube and TikTok. It's certainly made Oliver a megafan, and he is now able to watch the weekly Smackdown and Raw shows with his dad. Previously, without a TNT sport subscription, his options were limited to the monthly events available on the WWE network. "Now that WWE is on Netflix, he watches it probably four times a week. It's his go-to programme," says Paul. "It's really opened up a huge door for him. What's great for me as a dad is I used to be into wrestling when I was his age as well, so it's nice to share that journey with him". And he's far from alone. On Thursday,industry magazine Broadcastreported that the move to Netflix had significantly increased UK engagement with both shows, with Raw ranked among the platform's top 10 shows in nine of its first 10 weeks. The picture is less clear in the US.Back in February, Mark Shapiro, a chief at WWE parent company TKO, told investors that Raw viewership was up 13% for the year to date compared to its previous home on USA Network - rising to 38% if the heavily promoted opening night is included. However,Thurston's researchsuggests that Raw and Smackdown viewership has since levelled off to numbers seen on USA. And figures are continuing to fall, not to an alarming amount, but certainly indicating that, potentially, weekly events on the streamer may not be as much of a growth area as major live events. Regardless, he sees the trade-off as worth it for Netflix in the long run - particularly looking ahead to WrestleMania's global debut tonight, which is expected to break streaming records. When former longtime WWE CEO Vince McMahon dreamt up WrestleMania more than 40 years ago, he envisaged a Superbowl-style set piece event to unite the franchise's commercial partnerships and burrow it deeper within popular culture. That's why 1985's first WrestleMania was heavily promoted through MTV and held at New York's Madison Square Garden - featuring everyone from wrestler Hulk Hogan to A-team actor Mr T, popstar Cyndi Lauper and Muhammad Ali as a referee. "We were trying to make a statement as to what our business is," McMahon told Netflix's 2024 docuseries, "all forms of entertainment rolled into one". And yet despite turning WWE into a media empire,McMahon departed in disgrace- first in 2022 and then again in 2024, amid various controversies - including anongoing sexual harassment lawsuit. McMahon's attorney, Jessica Rosenberg, denied the claims. Thurston feels McMahon's tight grip on creative business decisions also stifled WWE's storytelling in later years. Under Levesque, Thurston says that's changed in favour of collaboration. He says stories feel fresher, gender representation has improved and US event attendance is up. For Jonny Pivaral, who grew up watching during what he calls McMahon's "bra and panties match" era of the 2000s, the evolution is welcome. "Back then, women were just eye candy," he says. "Now they're being showcased on the same level as the men." This shift will be on full display whenwomen's wrestling storylines take centre stage at WrestleMania. Top stars Rhea Ripley, Bianca Belair, and IYO SKY are to face off in a triple-threat match, while women's champion Tiffany Stratton will fight the legendary Charlotte Flair - in a battle that underlines the division's growing value. Attracting new audiences matters, Thurston says, because WWE's global strategy now hinges on fees paid by cities hosting these events (including WrestleMania), both inside and outside the USA. "They want WrestleMania to become like the World Cup or Olympics, where there's a bidding war," he explains. "Las Vegas is paying them $5 million for this year's event," he adds, noting that London has beenheavily touted as a potential WrestleMania host city. Finding a home on a streaming giant may be great news for WWE - but what does Netflix stand to gain from the partnership? According to James English, managing partner at sports and entertainment marketing agency Fuse, Netflix is "stating loud and clear that it wants to dominate 'sportainment'". The WWE streaming deal is, he says, a major reason whyNetflix beat expectations with its financial figureson Thursday, delivering 13% revenue growth for the first quarter of 2025. English sees WrestleMania as the natural progression in their drive to use sport to attract viewers to "cultural moments". This began last November withMike Tyson taking on YouTuber Jake Paulin an influencer-boxing hybrid bout that drew in 60 million households - perhaps benefitting from cross-generational appeal. This first foray into live sports attracted complaints of crashing and buffering but the issues were largely fixed for Netflix's two NFL matches on Christmas Day a month later, part of a new three-year deal to show Christmas Day fixtures. English says that unlike Apple or Amazon Prime, which bought packages to the Major League Soccer (MLS) and the Premier League, Netflix's focus on "event" viewing allows them to make best use of their personalised advert and interface data. WrestleMania exemplifies this strategy. As a "live, global, fan-driven deal that blends sports, entertainment and storytelling", English says Netflix could stand to make huge profits from its WWE partnership. The big question, of course, is whether wider Netflix audience interest will last the rounds. But it may be a gamble worth taking - for all involved. Just ask Oliver and his Dad at midnight.