The wrestling industry just got a wake up call, and Dave Meltzer is not holding back. The longtime analyst says both WWE and AEW are facing a major ratings decline, signaling that the wrestling boom may have officially peaked.

On Wrestling Observer Radio, Meltzer and Garrett Gonzales discussed how ratings are falling across every major wrestling show, regardless of brand or night.

“It’s not just AEW. RAW had its second lowest number ever this week. SmackDown had its lowest ever. NXT’s down too, and there’s no sports competition. Collision tied its lowest 18–49, and Dynamite was weak even without the World Series going on. That’s everything across the board.”

When Gonzales asked if the boom period was over, Meltzer was blunt.

“When you look at them, the change over a two month period is unfathomable. It’s ridiculous. People have been going like, ‘Is the boom over?’ And it’s like, the peak is over without a doubt.”

Meltzer added that it is not just wrestling seeing a drop, pointing out that UFC numbers are also down.

“It’s not just wrestling either. UFC’s down too. We’re seeing a shift in how people are consuming everything right now.”

He emphasized that while the business is not collapsing, it has clearly leveled off.

“It’s not collapsing, but it’s plateaued and started to dip. Business is still strong, but the growth period, that’s done.”

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