The WWE has made a series of budget cuts over the last few months in an attempt to slash costs and it appears as though the company is poised to continue to scale back its spending, while the talents are helpless to do anything about it.
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According to Wrestlingheadlines.com, many of the talents backstage in the WWE are upset over pay, including recent royalty checks, amid the WWE being very fiscally careful over the last couple of months.
According to the report, most of the talents are hard-pressed to do anything about it as they know there is nowhere else to find work that would pay them even close to what the WWE gives them to work for them. Money issues are not only a major concern to WWE management, but they have reportedly become the primary concern among the talent.
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WWE CEO Vince McMahon recently ordered for the company to make more budget cuts after releasing 10 WWE Superstars, a referee, a writer and an announcer last month and cutting other expenses such as the company's production crew and pyrotechnics.
McMahon is reportedly looking to cut $20 million from the company's budget this year and that goal would cut the WWE's losses for the year down from $53 to $45 million. The company is considering such changes as having first-class flyers fly coach and scaling back on catering backstage.
The organization has installed policies on fining talents for failure to dress professionally in public and showing up late to WWE tapings. Wrestlingheadlines.com reports that there are new policies on international travel being implemented and there is a hiring slowdown, not a freeze.
The WWE is very reliant on the WWE Network to be a success as the pay-per-view business is pretty much going away, placing importance on the amount of subscribers to the network. The WWE reportedly needs 1.3-1.4 million subscribers to break even, but the number could dip due to the budget cuts.
Wrestlingheadlines.com reports that if the organization can get 1.9 million subscribers it can get back to previous levels of success while two million subscribers will put the company in the best financial position it has ever been in.
The WWE's goal was set at a million subscribers by the end of the year, and the company announced in April that 667,287 users had subscribed to the network. The company is expected to announce the updated total number of subscriptions at the end of this month, with 850,000 being seen as the ideal number.
With the WWE going through some financial woes, the budget cuts are expected to continue throughout the summer.
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