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The next time you're thinking about the ratings, remember,
The ratings are only averages, the total amount of people watching the show over the course of the entire is usually around twice that much (Raw actually does about 3.5 mil, Dynamite does about 2.1, etc.)
Most wrestling shows (except NXT 2.0) preform extremely successfully in the ratings relative to the rest of cable.
The quarter hour charts may look like they have dramatic rises and falls, but in reality, the total fluctuations from high to low are usually less than 10% of the audience.
Week to week ratings rarely mean anything on their own and to capture a particular trend you have to look at months, if not years.
Both demos and total viewership are significant. Specific demos are important to networks and advertisers based on what programming they already have and what audience they're catering to, but in the wrestling business, you're never too old to buy a shirt, you're never too old to buy a ticket, you're never too old to buy a PPV. Viewers over 50, especially loyal ones, aren't worth it.
Both AEW and WWE will get significant increases to their TV rights deals in the next rounds of negotiations in a couple of years. Both companies are going to make a lot of money for a long time.