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When there is parity in professional wrestling, the pendulum will always swing back and forth between the top companies.

WWE undeniably leads the industry as the most well-known and lucrative purveyor of sports entertainment. The global juggernaut is hotter than it has been in years, setting new records and selling out arenas worldwide.

The Bloodline saga, which culminated in Cody Rhodes' ascension as this era's top pure babyface, was a creative zenith. Heading into Raw's highly publicized debut on Netflix, the company's pop-culture imprint soared to levels it hadn't seen in over a decade, and the appeal of its unique live experience is growing more popular.

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Meanwhile, its distinguished competitor, All Elite Wrestling, struggled to sustain its audience in the face of controversial rumors and questionable decisions in 2024. Its product felt colder than ever, and its diminished viewership and ticket sales reflected this.

Still, the pendulum always eventually swings in the other direction. Although WWE has a who's who of celebrities in the front row at its shows and exposure to a wider audience, AEW has been on a bit of a hot streak to start 2025.

Viewers' preferences and overall enjoyment of both companies are subjective. However, the alternative brand has gradually returned to what it does best: putting on vibrant shows with some of the best displays of in-ring action.

Contrasting Expectations and Differing Returns

While some of WWE's prominent output has been uneventful, and the build to WrestleMania 41 has been sluggish, AEW came out of the gate swinging.

Despite the miscommunication and negative buzz surrounding Grand Slam Australia, it turned out to be a terrific outing with a substantial lead-in from NBA All-Star Saturday Night. In fact, Collision has quietly been more enjoyable lately, and this special pre-taped episode was just another example of how much it has improved on the Max streaming service.

The most recent episodes of Dynamite were also strong, aside from a few creative missteps and lingering low points. It's far from perfect, but it often feels closer to what initially got the relative newcomer to the dance.

Kenny Omega's return has been a notable shot in the arm, "Timeless" Toni Storm vs. Mariah May is still the most well-executed feud its women's division has produced. Closing the company’s first show in Australia was a triumph for both performers and proof of the storyline's success.

Swerve Strickland has had the Midas touch since his rivalry with "Hangman" Adam Page, and his latest angle with Ricochet subverted presumptions about the high-flyer. Surprisingly, this is some of the best character work of his career.

Honestly, one could argue our expectations for AEW were lower than usual coming into this year due to prevailing criticisms of its most glaring flaws. Thus, it was easier to exceed them with better shows following the success of the Continental Classic. On the contrary, WWE had an extremely successful year and we expected more of the same in 2025.

Instead, it has been all sizzle and no steak at times as the billion-dollar conglomerate promotes its live experience and heavily produced weekly programming ad nauseam. For example, Saturday Night's Main Event hasn’t lived up to the endless hype around the return of the iconic late-night special.

Conversely, the first premium live event of the year was a tale of two halves. The men’s Royal Rumble match was excellent and Jey Uso's upset victory was a pleasant surprise for viewers who have followed his journey since 2020.

In contrast, Charlotte Flair's return set up a predictable and uninspiring win for one of WWE's most divisive superstars. Nikki Bella's appearance as entrant No. 30 also perfectly sums up how expectations have been met with lessening returns.

It was great to see her in the ring again, but it didn't have the intended impact because so many fans were expecting Becky Lynch. Yes, WWE never hinted that The Man would appear, but the anticipation of her comeback is evident.

John Cena's retirement tour hasn't led to much yet, either, and Roman Reigns is off television…again. Rhodes is linked to The Bloodline again. With The Rock slated for this week's SmackDown, we're seemingly waiting for something to shake things up and reward our patience.

Can This Shift in Momentum Last?

It’s unclear if AEW will remain consistent, but the company usually delivers top-notch pay-per-views. If Tony Khan can maintain this reputation and continue to produce entertaining weekly programming, 2025 will be a much-needed return to form.

WrestleMania 41 will undoubtedly create memorable moments and propel WWE into the second quarter on a high note. Still, the road to The Grandest Stage of Them All hasn’t hit the highs of last year's build yet, and we're still waiting for the turning point.

To that end, both companies are at the precipice of a tremendous turnaround with more developments bound to come. It wouldn't be wise to count either of them out, but preconceived notions have caused a slight shift in perception to start the year.

AEW isn't on its deathbed and WWE isn't infallible. The upstart "Where the Best Wrestle" has told great stories despite the common objection to its focus on exceptional matches, and Triple H's regime has taken some of its most vocal criticism to date lately.

It may seem preposterous to compare the two at this point because the industry leader is still doing overwhelmingly well financially. However, All Elite Wrestling has always relied on its ability to fulfill the counterculture that rose in response to WWE's dominance and lull period.

The company tends to stumble when it can't satisfy its niche audience or offer an intriguing palate cleanser to fans of both brands. So far, AEW has shown glimpses of what initially made it special, and that's enough to flip the script after a prevalent year for its primary competitor.