Since the historic 2023 merger that placed them under the TKO Group Holdings corporate banner, the debate over whether UFC or WWE is the bigger global entity has intensified. While they now operate as sister companies, a look at key business metrics from 2024 and 2025 paints a clear picture of two distinct, yet equally powerful, titans.
Financially, the two organizations generated nearly identical results in their first full year together. TKO’s 2024 report showed a combined revenue of $2.8 billion, with UFC contributing $1.406 billion and WWE adding $1.398 billion. However, WWE showed stronger growth momentum in the first quarter of 2025, posting a 24% year-over-year revenue increase compared to UFC’s 15%. This performance led TKO to raise its overall revenue projections for 2025, signaling confidence in both properties, which have a combined market capitalization of roughly $14.3 billion.
WWE establishes a clear dominance in audience reach and consistent viewership. In 2024, WWE RAW and SmackDown drew average weekly audiences of 1.65 million and 2.13 million viewers, respectively. The company’s premium live events also continue to break records, with WrestleMania XL attracting 145,298 fans over two nights and boosting viewership by 41% over the prior year.
In contrast, UFC’s pay-per-view model has shown signs of strain. Many of its events now struggle to surpass 300,000 buys, a significant drop from its historical highs. Price increases for events on ESPN+ have coincided with what many see as a decline in mainstream visibility for the mixed martial arts leader.
The disparity in audience engagement extends to the digital world. As of early 2024, WWE commands a massive global social media following that exceeds one billion users and became one of only ten channels worldwide to surpass 100 million YouTube subscribers. While UFC’s top star, Conor McGregor, has a substantial following, the organization’s overall digital footprint does not match WWE’s scale.
This pattern continues in live event production. While UFC staged events in more countries in 2024, its total attendance for the year was 366,269. WWE, by comparison, drew nearly half that number in a single weekend at WrestleMania XL, consistently selling out larger arenas for its weekly television programming and major events. UFC’s all-time attendance record of 57,127 remains less than a typical WrestleMania.
Perhaps the most significant indicator of their current standing lies in their media rights deals. WWE secured a landmark 10-year, $5 billion agreement for “WWE RAW” to move exclusively to Netflix in January 2025. This deal removes its flagship show from traditional television for the first time in three decades. Meanwhile, UFC is approaching the end of its current deal with ESPN and is reportedly seeking to more than double its annual rights fees to over $1 billion, with companies like Amazon and Netflix named as potential bidders.
While UFC and WWE are financial equals under the TKO umbrella, WWE currently holds the title of the “bigger” organization. Its vast superiority in television viewership, live attendance, social media reach, and its secured, multi-billion-dollar Netflix partnership demonstrate a broader and more deeply penetrated presence in the global entertainment market.
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