Fox Sports sells out Super Bowl ad inventory early

Fox Sports has sold all of its advertising inventory for Super Bowl LIV, the company has confirmed to Axios. It's sold a total of 77 spots, with the most expensive 30-second spot costing $5.6 million.

Why it matters: The Super Bowl is one of the most visible advertising opportunities in America, next to the Olympics. As more television viewing moves to on-demand streaming, there are fewer big opportunities for advertisers to reach consumers live.

Be smart: Super Bowl ads have generally gotten more expensive over the past few years, despite the fact that Super Bowl viewership on traditional television has waned. Streaming options and social media are likely to have impacted live TV viewership.

By the numbers: The average rate for a 30-second Super Bowl in-game ad has increased by nearly 100% over the past decade.

• Last year, reports suggested that CBS was selling some 30-second Super Bowl spots for around $5.2 million.
• Variety's Brian Steinberg reports that Fox is seeking "between $2 million and $3 million for the most expensive advertising slots in its pre- and post-game coverage."

The big picture: This year marks the first time in half a decade "that the network showing the big game hasn’t had to go down to the wire to dispense with its high-priced ad slots," per Steinberg.

The bottom line: Live TV audiences are becoming more scarce, which means advertisers are willing to pay more to reach those viewers.

Go deeper: Pricing plateaus for Super Bowl ads