UFC and WWE can be seen as a shared industry when they land on the same weekend. When it comes down to it, UFC on a Saturday night or WWE on Sunday night, some fans can only afford one event. I myself have been in this situation in the past. For fans like myself, UFC and WWE are absolutely in competition for my money. That can be applied to a much broader stroke, the 18-35 male dynamic is something I'm part of. UFC and WWE are going after people from that representative for a $50 dollar pay per view buy in a time when money is tight. From a business standpoint and the fact that both UFC and WWE are on the same pay per view platform, it absolutely makes them competitors. The extent to which WWE and MMA fans crossover is also demonstrated by sites like F4Wonline, the leading pro wrestling website is now as much an MMA site as it is WWE. As fans we like storied conflict, we find this entertainment in both UFC and WWE. One is a shoot and the other a work, but both are sports entertainment.
