The NFL's ratings are up compared to last year's dip, but their ad revenue is still in the red after falling 19% through the first two months of this season, Bloomberg reports.

The big picture: The league's ad revenue is down largely because of last year's ratings. Advertisers chose not to dump as much money into the NFL's product at the start of this season following last year's dip in audience. Broadcasts are averaging 15.8 million viewers this season, and if that continues, their ad revenue should jump next year.