WWE’s recent television ratings have sparked a firestorm of debate among fans and industry insiders, but according to veteran wrestling journalist Dave Meltzer, the numbers don’t tell the whole story. While Meltzer acknowledges that WWE is no longer at its peak popularity, he cautions against reading too much into the company’s record-low viewership numbers, especially for shows like SmackDown. According to Meltzer, the current ratings landscape is misleading and doesn’t fully reflect the true state of WWE’s business.
Ratings Drop: Cause for Concern?
WWE’s SmackDown recently hit a new low in viewership, with Nielsen ratings dipping below 1.5 million for the first time in years. For many fans and analysts, this was seen as a clear sign that WWE’s product is losing its grip on the mainstream audience. However, Meltzer argues that the situation is more complicated than the raw numbers suggest.
“People are looking at these ratings and saying, ‘WWE is dead,’ but that’s not accurate,” Meltzer explained in his latest Wrestling Observer Newsletter. “Yes, the numbers are down, but you have to look at the broader context. The entire television industry is shifting. Streaming is taking over, and traditional cable ratings are dropping across the board. WWE is not immune to that trend.”
Meltzer pointed out that other major sports and entertainment programs have also seen declines in linear TV viewership, but that doesn’t mean they’re failing. “If you compare WWE’s ratings to what they were 10 years ago, sure, it looks bad. But if you compare them to what other shows are doing now, it’s not as dire as it seems.”
The Streaming Factor
One of the biggest factors behind WWE’s ratings drop is the rise of streaming platforms. With more fans watching WWE content on Peacock, Hulu, and other digital services, traditional Nielsen ratings no longer capture the full picture of WWE’s audience.
“WWE has a massive streaming presence, and that’s where a lot of their viewers are now,” Meltzer said. “The ratings we see are only for cable and broadcast TV, so they’re missing a huge chunk of the audience. If you add in streaming numbers, WWE is still doing pretty well.”
According to a WWE insider, the company is aware of this shift and is actively working to adapt. “We’re seeing a lot more engagement on Peacock than we are on traditional TV,” the insider revealed. “The ratings might be low, but our digital platforms are thriving. We’re not panicking because we know where the audience is going.”
WWE’s Peak Is Behind Us
Despite the caveats, Meltzer admits that WWE is not at the same level of popularity it once was. “There’s no denying that WWE’s peak was in the Attitude Era and the early 2000s,” he said. “Back then, they were a cultural phenomenon. Now, they’re just one of many options for fans. The landscape has changed, and WWE has to compete with AEW, NJPW, and a whole host of other promotions.”
Meltzer noted that WWE’s current roster, while talented, doesn’t have the same mainstream appeal as past superstars like Stone Cold Steve Austin, The Rock, or John Cena. “Those guys were household names,” he said. “Today’s stars are popular within the wrestling community, but they’re not breaking through to the general public in the same way.”
The Impact of Competition
The rise of AEW and other promotions has also played a role in WWE’s decline. “AEW has done a great job of attracting fans who were looking for something different,” Meltzer said. “They’ve carved out their own niche, and that’s taken some of the spotlight away from WWE.”
Recent events like AEW WrestleDream 2025 have drawn strong reviews and high ratings, further highlighting the competition WWE now faces. “AEW is putting on great shows, and they’re getting a lot of attention,” Meltzer said. “WWE can’t afford to rest on its laurels anymore.”
What’s Next for WWE?
So, what does the future hold for WWE? According to Meltzer, the company needs to continue evolving to stay relevant. “WWE has to keep innovating and finding new ways to connect with fans,” he said. “They can’t just rely on their legacy. They need to embrace new platforms, new talent, and new storytelling.”
Sources close to Cody Rhodes revealed that the company is already making changes behind the scenes. “There’s a lot of discussion about how to modernize the product and reach a younger audience,” the source said. “Cody and other top stars are pushing for more creative freedom and a focus on character development.”
The Bottom Line
In the end, Meltzer’s message is clear: WWE’s ratings are down, but that doesn’t mean the company is failing. “WWE is still a major player in the wrestling world,” he said. “They’re not at their peak, but they’re far from dead. The key is to look beyond the numbers and understand the bigger picture.”
As the wrestling industry continues to evolve, WWE will need to adapt to stay competitive. Whether they can reclaim their former glory remains to be seen, but for now, the company is still a force to be reckoned with.