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I dont think you can say good wrestling equals higher ratings. If it did, WWE would never have a guy like Batista as World Champion.
I do think a longer match with compelling characters that fans care about will increase ratings. As long as the match isnt dreadful to watch, people will stay interested. I think ratings trends have shown that a strong TV match will increase ratings if people care about who is involved. Whether its a 3 star or a 4 star match probably doesnt matter all that much.
However, if you always do long matches, they become less special, so everything has to be done in moderation.
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