If you ask anyone who was in WWE will access to all the numbers, from Vince on down, from both eras, and ask who was the biggest draw, everyone will replay Austin and without hesitation, because he sold more tickets, sold more merch, sold more PPVs. Granted, there are huge differences in eras that mitigate those things, but...Austin beat Hogan in every financial category comparing peaks. Hogan did headline more successful shows because of far greater longevity. At his peak, Austin was bigger. For longevity, Hogan was.
2) Austin started his run when WWE was deep in debt, loans out, they had to remove water coolers from the office and wrestling was never colder. Hogan's run started in 1984, when the pro wrestling industry on a national basis was already at peak levels. U.S. attendance in 1983, year before Hogan's run, was 13 million. U.S. attendance in 1996, year before Austin's run, was well under 2 million.
3) Austin got there with TV deals in place, but when wrestling ratings were rock bottom. Hogan got there when most major cities were doing far bigger ratings for wrestling than any time since. Ratings in most cities fell during the Hogan peak, as did the national cable numbers. Not his fault, just a changing environment. But Austin's numbers increased at a time when ratings across the board were declining for almost every other sport.
4) Austin did work when PPV was more established, but also worked in an environment with 35 PPVs per year (WWE, WCW, TNA & UFC). When Hogan broke into PPV, it was a novelty, WWE had a monopoly and there were only a few shows of the year, and far better promoted
5) Austin got there when merchandise division was more established. That is true.
6) Hogan's peak on NBC did draw more than Austin's peak rating on USA. Well, duh? But Hogan's ratings on cable were 3's and Austin's were double that even though there was far more cable competitition and individual cable network ratings were much smaller. Hogan's peak numbers were bigger, Austin's weekly numbers dwarfed Hogan's, even though Austin appeared on TV every week and Hogan's TV appearances were rare and promoted as special.
7) Hogan did not draw shitloads more people. Hogan's best feuds averaged 8,000 to 10,000 paid aside from Orndorff. Austin at his peak averaged 14,000 paid, and did mostly sellouts. Plus, at Austin's peak, because of the Raw set, he was playing in arenas where capacity was cut back 30% for the biggest show of the week and still, on average, greatly outdrew Hogan at triple the ticket prices. And, the house shows during the Hogan run were far better promoted. The company had specialized local television and did specialized local interviews and did more advertising because house shows were the prime revenue source and considered the most important thing. During the Austin era, house shows were considered a distant No. 3 in priority. No more local market television or localized interviews. Plus, in the Hogan era, everything on television was geared toward buying house show tickets and in the Austin era, the house shows were barely acknowledged on TV that they even existed.