Analysis: Will 'Stone Cold' Steve Austin Be Big Box Office Yet Again For WWE?

For the past couple of weeks, rumors have been swirling that World Wrestling Entertainment, Inc. WWE legend "Stone Cold" Steve Austin could return to the ring for his first match in 19 years at the upcoming WrestleMania 38 on April 2-3 in Austin's home state of Texas.

WrestleMania is the biggest event of the year for the WWE, and Austin may be one of only a handful of performers that could single-handedly drive subscription, ticket and merchandise sales meaningfully higher.

Austin's Track Record: Austin's in-ring career in the WWE spanned from 1995 to 2003. Austin was one of the top draws during his peak, which coincided with the height of professional wrestling's popularity during the so-called "Attitude Era."

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Dave Meltzer of the Wrestling Observer Newsletter told Benzinga Austin was the biggest reason WWE was able to defeat and eventually acquire top competitor World Championship Wrestling in 2001.

"He sold the most tickets, sold the most merchandise, sold the most pay-per-view orders and by the midpoint of 1998, WWF surpassed WCW in popularity and a year later it was no longer even competitive between the two companies," Meltzer said.

Wrestlenomics author Brandon Thurston told Benzinga WWE may need Austin's star power in April.

"WWE has two stadium shows to try to sell out for Wrestlemania this year, and they've already offered discounts on tickets," Thurston said. "WrestleTix has the count of tickets out right now as 52,659 for April 2 and 53,260 for April 3."

Austin has made sporadic appearances for WWE since his 2003 retirement, perhaps most notably during WrestleMania 23 in 2007 for a match pitting wrestlers representing Vince McMahon and Donald Trump. That event set a company record for PPV buys, which was surpassed by the 2012 edition.

A Real Possibility: WWE investors may have spotted clues in recent weeks suggesting another WrestleMania moment for Austin is a real possibility.

Current WWE performer Kevin Owens has been berating Texas and taking subtle shots at Austin on WWE programming and social media for weeks, and Owens has been using Austin's famous Stone Cold Stunner finishing maneuver for several years.

"If he was to wrestle, and it looks like he will be doing so with Kevin Owens, he would mean more than anyone coming back except Dwayne Johnson, because Johnson got so big as a movie star," Meltzer told Benzinga. "History says a comeback like this at an event like this should be a very big deal."

Thurston also strongly suspects fans will see Austin vs. Owens at WrestleMania.

"I believe Owens and Austin are friendly, so I could see Austin wanting to work with him. Austin is also reported to have set up a wrestling ring on his property several months ago, which supports the notion he's preparing for a return match," Thurston noted.

Austin posted a video Tuesday confirming he will be at WrestleMania, although it hasn't been made clear if it will be a full match or just a brief confrontation.

Benzinga's Take: Thurston reported last year's WrestleMania sold 40,806 tickets for a two-day event, generating $6.2 million in sales. Austin's return could also be good news for Comcast Corporation CMCSA and its Peacock streaming service subscription numbers, given Peacock is the current home of the WWE Network.

Photo: Courtesy of Miguel Discart on Flickr