New direction for World Wrestling Entertainment
One of the biggest brands for wrestling has adopted a new business model for its future growth, including formally re-branding itself as WWE.
WWE’s brand expansion will include the goal to acquire entertainment content companies and outsource WWE’s core competencies, such as television and film production, live event production and licensing.
As part of the new business model, the company will also focus on the development of new television products, as well as the launch of a new WWE network in the next 12-18 months. The first new program of the brand expansion is “Tough Enough,” WWE’s non-scripted program that debuted on the USA Network at the beginning of April.
“The new business model of the company better reflects what WWE is all about, being a global entertainment company,” commented Vince McMahon, chairman and chief executive officer at WWE. “We will always be loyal to our core business that made WWE a globally known entity, however, the future of WWE will be the addition of new entertainment content opportunities beyond the ring."
Ross Walker, senior director, International Consumer Products at WWE, added: "With a need to grow we felt this was the way to proceed for our marketing and distribution arms, allowing us to provide a further service to third parties. We have to be diligent about our content and what we acquire. With an emphasis on quality, the re-branding enables us to do this with a further extension and commitment to our brands, helping WWE to diversify whilst using existing assets."
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