How can WWE draw more viewers?

First, let's be realistic. Since the late '90s ALL television ratings are down across the board. Understand and accept that reality and you'll see that it may not be immediately possible for WWE to do much better than they're already doing. There is always room for improvment but in the current ratings landscape that room may turn out to be no bigger than a walk-in closet or spare bedroom.
Second, realize that with regards to attracting NEW viewers, all modern pro-wrestling is trying to do is manufacture a false demand rather than supply a wanted product. That is to say, in general, people don't want to watch fake wrestling anymore, at least not the demographic that has been stolen away by MMA. Now consider the potential fans that have never, and probably will never, give wrestling a chance now that MMA has displaced wrestling as the mainstream "cool" thing. It's much harder to make people buy a product they don't wan't—or don't even realize they might want—when there are products that they do want competing for their every more valuable, yet fleeting, time and money.
It would then seem that you can't really sell wrestling on the similarites of MMA, i.e. the competitive sport aspect, but rather the variety/soap/character-driven "storyline" component mostly ignored—or in certain cases vehemently criticized and discouraged—in MMA.
That said, the stories have to be simple but not stupid, structured but not formulaic, logical but not predictable. A tall order to be sure. Bottom line wrestling need to return to basic compelling matches, characters, and stories. As a brief aside concerning content and ratings, Disney Pixar and Dreamworks have both shown time and again that you can tell a G/PG story and have it turn a profit –all the while entertaining both children and adults simultaneously. The really important part then is making the matches (which is what customers pay to see on PPV and at house shows) matter just as much as the storyline that set them up (if not more so).
Beyond that, until a new generation deems wrestling "cool" again, which perhaps could be accomplished despite youth being notoriously fickle, new viewers will be hard to come by naturally or with the same old formula that worked 15 years ago. Instead, WWE will have to change the way they do business and make their product more attractive to a.) an audience that can already see minimally dressed muscle-heads bash each others' brains in (but for realz1!1!!1), and perhaps somewhat paradoxically b.) an audience who doesn't want to watch said muscle heads dry hump each other on the mat (real as it may be). That's why I believe WWE is already doing what they should be what with the use of Twitter, Youtube, etc.—though I think they could be doing a better job incorporating it—for their characters, the focus on the new generation of audience with their PG movement, and what looks to be a trend towards tighter storylines –though again they could be doing far more to clean up and organize their scattered story-telling style. Basically, what I mean to say is they're already on the right track but they could obviously do better in a few key areas that would have a synergistic effect.
 
Stop employing dial tone personalities and stop wasting the fans' time by pushing them. Plain and simple.

Wrestling doesn't sell. Story lines don't sell. Characters sell.

That's why people bought nWo shirts. That's why people bought Austin shirts. That's why people bought DX shirts.

The nWo as Ahmed Johnson with Bastion Booger and Bam Bam Bigelow doesn't work, even if given the same amount of air-time. The reason it worked was because of the characters involved in it. The characters sold it. The same should hold true today, but doesn't, because the characters today are weak, and few even have a 10th of the personality their predecessors had.

That's what will garner more fans, for pro-wrestling, period, not just the WWE. Find the talent and push it. Stop wasting everyone's time with (albeit athletic) doorknobs like John Morrison and Kofi Kingston and get the real talent where it needs to be. The rest will write itself.
 

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