Analysts at Macquarie recently upgraded their rating for WWE to Neutral

The stock price of World Wrestling Entertainment surged after the company announced that its WWE Network reached one million subscribers.

WWE shares were up more than 15% to $12.07 per share, at the time of this writing around 2:44 in the afternoon.

WWE Network Hits 1M Subscribers, World Wrestling Entertainment, Inc. Shares Surge

“We’re thrilled that we’ve surpassed the 1 million subscriber milestone less than a year after launching WWE Network and in advance of WrestleMania, our biggest event of the year on March 29,” said Vince McMahon, chairman and CEO of World Wrestling Entertainment.

World Wrestling Entertainment launched WWE Network as a streaming service in February last year The network is considered as the fastest-growing digital subscription service provider given the fact that it reached one million subscribers in just 11 months. The numbers is equivalent to nearly 100 thousand subscriber gains every month.

WWE Network benefited from promo & UK launching

According to World Wrestling Entertainment, the launching of its WWE Network in the United Kingdom and the successful promotion last November contributed to its significant subscriber gains.

The integrated entertainment and media company added that 90% of its subscribers are accessing the WWE Network at least one a week while 99% are viewing the network once a month. Subscribers can access the streaming service on desktops, laptops via WWW.com.

McMahon said they “remained focus on delivering an outstanding value proposition” for WWE Network fans by adding new content and features in the coming year.

World Wrestling Entertainment promoted Lisa Fox Lee

Early this month, World Wrestling Entertainment promoted Lisa Fox Lee to executive vice president of content. Lee is reporting directly to McMahon.

In her position, Lee is responsible in supervising the strategic development and distribution of WWE programming and content across all platforms including TV, WWE Network, WWE.com, WWE app and social media. She also oversees the company’s creative writing team.

Analysts at Macquarie recently upgraded their rating for WWE to Neutral from Underperform with a price target of $11 per share.

The company is scheduled to release its fourth quarter financial results before the market open on February 15.