The comparison between AEW in 2025 and WCW in 1998 doesn't hold up under scrutiny. It ignores the massive changes in the media landscape over the past 27 years and fails to account for inflation. Adjusting for inflation, WCW's 1998 revenue of $200 million would be around $365 million today. They also ignore the biggest distinction, which is that WCW didn't just make money, it fundamentally changed the industry by dethroning WWE, a feat AEW hasn't accomplished.
Further, the two companies operated under very different business models. WCW had significant corporate backing but also bloated expenses that hurt its profitability. AEW as an independently funded entity is leaner with fewer expenses. It may end up more profitable, but profitability alone doesn't tell the full story. What WCW achieved in 1998 shouldn't be understated. WCW shifted the industry.
Beyond that, WCW helped make wrestling "cool" again. Nitro brought wrestling into mainstream popular culture with the nWo and a sense of edginess that defined an era. While AEW has carved out its niche and made waves in the industry, it hasn't achieved that kind of cultural penetration or broader mainstream relevance.