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Look up the TV contracts for the NFL and MLB and you'll understand why the WWE cant survive on their TV contract alone. And the ratings for the Super Bowl, for example are such that they can get millions of dollars for a 30 second ad spot. The WWE would never be able to get numbers to justify those kinds of numbers, so the PPV avenue is best because it generates more revenue.
In terms of live events, I dont think there are 3 shows booked in Australia that will do $1,5 mil apiece. I know they ran one show in 02 in Australia that did over a million, but I would bet a lot of money that they cant run three in one shot. Million dollar house shows are very, very rare, most of them are in the $100,000-150,000 range.
Another factor is that wrestling fans like boxing fans are used to buying PPVs on a regular/semi-regular basis, so if they are used to it, why not keep doing it. And most regular sports are moving towards some type of PPV aspect of their sport. I know baseball is toying with it, and I'm sure basketball will try it at some point as well.
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