Money in the Bank Venue Move the Latest Sign of Trouble
Are poor ticket sales dooming the WWE? While it’s safe to say the WWE isn’t set to join WCW and ECW in the trash bin of history, the recent announcement that Money in the Bank is moving from Allegiant Stadium to The MGM Grand Garden Arena should alarm WWE officials especially WWE President Nick “Bigger is Better” Khan.
There have been rumors of the WWE dealing with ticket troubles for its premium event for several weeks now and simply put, this has to be seen as a significant failure by Nick Khan, who until now has been the WWE’s Golden Boy dating back to his time at Creative Artists Agency’s (CAA) television department negotiating the WWE’s highly-lucrative rights deals with the USA Network and FOX to his current position as the WWE’s President and Chief Financial Officer.
Did Khan’s Reach Exceed His Grasp?
As WrestleLamia has discussed in our news videos, it’s clear that Nick Khan has ambitious plans for strengthening the WWE’s image as a major league organization on par with one such as the NFL, MLB, and FIFA. One way of doing so seems to be the WWE moving its premium events (aka pay-per-views) from smaller venues to stadiums.
There’s no denying that the optics of a stadium packed with WWE fans looks impressive and the WWE has been slowly doing this with its major shows like WrestleMania and SummerSlam . So far it’s been a success so it only makes sense for the WWE to try and expand its other shows.
One can’t fault Khan for trying to take the traditionally popular Money in the Bank event and trying to turn it into a major show ala Survivor Series, Royal Rumble, WrestleMania, and SummerSlam. Recall Khan’s 2021 announcement that the 2022 Money in the Bank would be held in Vegas:
“Las Vegas, its residents and visitors have demonstrated that Vegas is the perfect city for our biggest events,” Khan said. “Money In The Bank, an appropriately titled event for Vegas and one of our five annual tentpoles, will bring the WWE Universe back to Allegiant Stadium July 4th weekend of 2022.”
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This shouldn’t be seen as a knock on Khan’s ambitions because the WWE President has shown considerable acumen in growing the WWE during his time as WWE President and Chief Financial Officer. As poet and playwright Robert Browning famously said, “Ah, but a man’s reach should exceed his grasp, Or what’s a heaven for?”
Analyzing Money in the Banks’s Failure
It’s clear that Khan’s bid to turn MITB into a stadium show and “tentpole event” has failed this time around but why?
High Ticket Prices: The WWE has been criticized for pricing its tickets too high whether it’s live events, TV tapings like RAW and SmackDown, or its so-called premium events. The WWE’s Clash at the Castle event in the United Kingdom was criticized for high ticket prices, which some fans and pundits believe is the main reason the show didn’t sell out immediately. Money in the Bank is the latest example but what other reasons might be turning fans away?
Fan Apathy in the Product: A look at the WWE’s ratings suggests the promotion is holding its own when it comes to keeping fans around for RAW and SmackDown but getting them to pay money to see the WWE live, not so much. Ticket sales have been hit-and-miss since before the pandemic and while the WWE scores occasional sell-outs (which like AEW sell-outs are based on releasing a certain amount of seats less than an arena’s full capacity and claiming a sell-out if the available tickets are gobbled up).
The reason I would argue is that the WWE product isn’t exciting enough to motivate casual fans into attending events. It’s the same problem the WWE has had for years; its failure to create megastars and put them in compelling programs.
Marketing: The WWE needs to change its approach to marketing premium events. Just as the WWE is able to draw fans in for TV, it doesn’t take much to get fans to watch its premium events on Peacock and the WWE Network. However, motivating them to buy a ticket is different because the WWE puts little effort into promoting its premium events. It’s rare to see a full card announced the week before the show and sometimes the main events are uncertain until a week or two before the show.
It’s difficult to imagine fans dropping hundreds of dollars on tickets (not to mention hotel accommodations if they travel out of town) for a show with a nebulous lineup. The argument can be made that WrestleMania (and perhaps even Royal Rumble and SummerSlam) are big enough that fans will buy tickets regardless of who has been booked. That’s not so with other events and the WWE needs to focus on announcing matches ahead of time in order to entice ticket-paying customers.
A Weak Economy: The weak economy likely isn’t helping whether it’s inflation draining disposable income for people or gas prices making travel more expensive. While the WWE will continue seeking out the greatest revenue, it needs to be mindful of the economy they are dealing with.
Are Poor Ticket Sales Dooming the WWE?
Are poor ticket sales dooming the WWE? The answer is no but the WWE needs to rethink the way it is booking its shows and selling tickets. The WWE in many ways is too big to fail but maintaining its image is essential when it comes time for new rights deals and expansion into international markets. The Money in the Bank move shouldn’t be seen as a sign that the WWE is tanking but it should be seen as a warning sign.
Based on Nick Khan’s past work, he likely will recognize this and ascertain what went wrong and take correction actions. Khan’s only obstacle will be Vince McMahon panicking and taking charge.
Do you agree with this take on Money in the Bank’s move and the reasons driving poor ticket sales? Let us know in the comments below.
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