So every time a business sells off a product for an obscene amount of money, it's a failure? Think about what you're saying.
The esteemed and unbiased world of "wrestling media." Why is WWE's stock still outperforming the S&P 500 and making so much money? These guys have been sounding the fake alarm for years. From a financial standpoint, WWE is kicking ***.
I've heard this silly "content" line from AEW fans for a couple years now. It is meaningless. Why do studios pay for "content?" Can I sell them five hours of the CIS Podcast in exchange for a couple billion dollars? Of course not. The studios pay for the viewers and the ability to sell ads. If the content doesn't satisfy those two requirements, it has no worth. WWE made billions off TV rights because a lot of people still watch and sponsors want to put ads on the product.
Does anybody really doubt that AEW is a show for hardcores? It's their whole model and it works for them. They had 906K and .35 key demo right before the pandemic. Last week, they were at 1,047,000 with .37 key demo after adding CM Punk and losing NXT as competition. That's their hardcore base, and it is enough to build a legitimate wrestling company. I expect Bryan and Cole bump up this week's number, but there is a ceiling unless they expand from the hardcores. But they don't need to in order to stay viable.