MR. TITO: Calling BS on Netflix’s WWE RAW Viewership of 340 Million for 2025

On January 12th, 2026, Netflix posted a press released on their website titled WWE By The Numbers: Celebrating One Year on Netflix. This was in celebration of their first year of the WWE deal which could be for 10 years, but there exists an opt-out clause after the fifth year. The WWE and Netflix partnership was for $5 billion across 10 years or $2.5 billion if Netflix opts out of year #5, which creates $500 million per-year in revenue to WWE and TKO’s financials.

As I look through this press release, which is NOT an official SEC Filing, I’m curious to know where Netflix came up with some of their numbers.

Why? Because Netflix’s weekly viewership numbers can be obtained from HERE, which is Netflix.com’s “TUDUM” subsite that shows the GLOBAL Top 10 rankings for their most viewed programs for a given 7 days, Sunday through Saturday. For WWE RAW, this would include their LIVE version of their weekly Monday show plus any additional viewership. These numbers are also world wide.

For documentation purposes, here are the WEEKLY RAW numbers accumulated from Netflix.com’s Top 10 lists and these are GLOBAL numbers, which were conveniently compiled by Steve Gerweck (which I did random sample testing on to ensure accuracy with Netflix.com):

1/6/2025: 5900000
1/13/2025: 3700000
1/20/2025: 3000000
1/27/2025: 2900000
2/3/2025: 3100000
2/10/2025: 2800000
2/17/2025: 2800000
2/24/2025: 2600000
3/3/2025: 3100000
3/10/2025: 3000000
3/17/2025: 3100000
3/24/2025: 3000000
3/31/2025: 2900000
4/7/2025: 2800000
4/14/2025: 2900000
4/21/2025: 3600000
4/28/2025: 3000000
5/5/2025: 2800000
5/12/2025: 2700000
5/19/2025: 2700000
5/26/2025: 2600000
6/2/2025: 2700000
6/9/2025: 2900000
6/16/2025: 2700000
6/23/2025: 2600000
6/30/2025: 2500000
7/7/2025: 2600000
7/14/2025: 2700000
7/21/2025: 2700000
7/28/2025: 2700000
8/4/2025: 3000000
8/11/2025: 2800000
8/18/2025: 2800000
8/25/2025: 2600000
9/1/2025: 2400000
9/8/2025: 2600000
9/15/2025: 2600000
9/22/2025: 2300000
9/29/2025: 2300000
10/6/2025: 2400000
10/13/2025: 2400000
10/20/2025: 2600000
10/27/2025: 2300000
11/3/2025: 2400000
11/10/2025: 2800000
11/17/2025: 3100000
11/24/2025: RAW wasn’t in Netflix Top 10
12/1/2025: RAW wasn’t in Netflix Top 10
12/8/2025: 2500000
12/15/2025: RAW wasn’t in Netflix Top 10
12/22/2025: RAW wasn’t in Netflix Top 10
12/29/2025: RAW wasn’t in Netflix Top 10

For 11/24, 12/1, 12/15, 12/22, and 12/29, WWE Raw was NOT on the Top 10 list. Stranger Things, NFL, and other popular shows knocked WWE out for those days. As you can see by the tenth positioned show for each week, RAW for these weeks were pulling LESS than 3.5 to 4.1 million views for these weeks.

With those 5 dates as being unknown, the sum of the other 47 weeks equates to 133,000,000 total viewers or 2.8 million average viewers per week. If you annualize the numbers, meaning you take 133 million divided by 47 weeks and then multiplied by 52 weeks, you’d have 147,148,936 total viewers and mathematically gives you the same average of 2.8 million viewers per week.

I want to strongly stress this point… If my mathematics is incorrect, I’ll gladly make edits or even take this column down. You can clearly see that my information source is Netflix.com’s TUDUM website. Again, any feedback about these numbers can be posted below or emailed to me as necessary.

Now, what did Netflix say on their 1/12/26 press release? You can read it yourself by CLICKING HERE or reading the specific numerical statements by Netflix that I’ve pasted conveniently down below:

LEAVING A MARK AROUND THE GLOBE

Since RAW’s official Netflix debut on January 6, 2025, the show has made the Global English TV Top 10 nearly every week it’s been on service (47 out of a possible 52 weeks). Over 52 shows, RAW has averaged more than 3M views per week.

Let’s breakdown that second paragraph, first. “Over 52 shows, RAW has averaged more than 3M views per week”. That is somewhat close to my 2.8 million views that I’m estimating for 47 weeks, given that I’m missing 5 separate weeks because RAW failed to make Netflix’s Top 10. In other words, by Netflix.com’s own TUDUM Top 10 Data, RAW would have to seriously push higher viewerships during those 5 dates to push that average above 3 million. Each week would seriously have to push it near that 3.5 to 4.1 million barrier, which I DOUBT happened. More than likely, as current trends were showing by Netflix’s own data, they were under 3.0 million each week and with the holidays + RAW phoning it in with taped shows, maybe less than 2.5 million.

BUT, let’s just take bare minimum at face value. 3 million * 52 weeks = 156,000,000 approximate views for WWE RAW.

So… Where on earth does that “RAW accounted for nearly 340M views” number come from in that first paragraph?

Netflix’s own press release contradicts itself. On one hand, it has averaged just over 3 million per week to give you something just over 156,000,000 viewers per week… That’s not quite anywhere near 340 million views. And REMEMBER, my numbers from Netflix.com’s TUDUM Top 10 lists were for GLOBAL numbers.

If I were an investor curious to purchase Netflix’s stock, I’d ask questions about that 340 million RAW views versus averaging 4 million views per week over 52 weeks mathematics. There’s a big GAP between 340 million and approximately 156 million when considering that “more than 3 million views per week” number. And if it was something like 3.5 million, Netflix would state “3.5 million” instead. No, they said flat 3 million as a number. Because if RAW averaged 3.5 million over 52 weeks, that equates to 177 million total viewers. Which AGAIN, is much less than 340 million stated here.

Unless Netflix is somehow including Social Media, YouTube, or other analytics… We’re not getting to 340 million numbers with their own “over 52 shows, RAW has averaged more than 3M views per week” statement, brother. Maybe they are somehow excluding all international viewership, but their Netflix.com TUDUM site explicitly states these are “GLOBAL” numbers.

Again, if I’m misinterpreting the statement or the numbers, please correct me.

Let’s assume that Netflix is somehow “correct” about 340 million. $500 million, which is the annual Netflix payment to WWE, divided by 340 million equates to $1.47 million per view. That’s right, every RAW show costs Netflix just under $1.5 million per RAW. Now, you could say “that includes PLEs shown internationally”, to which I’d advise that Netflix was ALREADY airing WWE PLEs internationally before the 2025 deal. Peacock is a North American streaming app for NBC/Universal content, and thus Peacock wasn’t airing internationally and thus WWE had to use other streaming services for reach. Netflix paid $500 million for RAW and DID NOT obtain the North American streaming rights because ESPN and WWE screwed them out of that.

If you use Netflix’s 52 weeks and over 3 million average views numbers, Netflix’s cost-per-viewer gets much worse. If you use 156 viewers, assuming 3.0 million average viewers, the cost becomes $3.2 million per RAW view. If you use 177 million viewers, assuming 3.4 million average viewers, the cost becomes $2.8 million.

Congrats, WWE fans… You’ve become an expensive commodity!

Something is up between Netflix stating that RAW drew a total of 340 million views and then stating that RAW had an average of over 3 million views per week over 52 weeks.

And, again, and I want to stress this strongly… I’m obtaining numbers from Netflix.com’s own Top 10 reporting on GLOBAL viewership, which is aggregated total per brand of show. Thus, it’s a total 7 day count for ANY RAW show viewed that week, whether it was LIVE or watching a recording of any RAW show.

Because if 340 million is the TRUE RAW viewership, then the average becomes 6.5 million viewers GLOBALLY. That’s like Attitude Era viewership, which the WWE hasn’t come close to achieving since mid-2000.

And RAW’s weekly viewership only got close to that on January 7th with the premiere show that featured Roman Reigns actually wrestling (I know, shock right?) and The Rock appearing to possibly set up Rock vs. Roman Reigns at Wrestlemania 41. THAT DIDN’T HAPPEN, as the Rock just kinda stood there as Roman ended the Bloodline angle by defeating Solo Sikoa. The 1/7/25 RAW drew 5.9 million GLOBALLY, while the 1/14/25 week for RAW dropped 2.2 million views to be 3.7 million. And RAW has been losing viewers on Netflix ever since, while being consistently UNDER 3 million viewers since Wrestlemania 41 in April.

If I’m wrong, I’m wrong and I need challenged… But I’m using Netflix’s own DATA and their own PRESS RELEASE with stated numbers.

If RAW truly drew 6.5 million viewers weekly, WWE would be exploding in growth during 2025 relative to what they were doing during 2023-2024 that nabbed them the Netflix deal for $500 million per year. They’re not… At best, they are similar to 2024 but WWE has had a real struggle filling stands for WWE Smackdown and if you look at Wrestlenomic’s attendance numbers, there have been some slight declines and that would translate into slight merchandise declines, too.

Personally, I think that their “averaged over 3 million” is more accurate for RAW, while the 340 million needs further clarification.

Prove me wrong and if I’m wrong, I’ll follow-up. If I’m right, then maybe investors for both Netflix and TKO stock could have something interesting to file against these companies.

Numbers don’t lie, especially if the dataset is your own.

For all I know, maybe each of the RAW viewers are watching the show TWICE each week to get to that 340 million?

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