Fox Corporation FOXFOXA could get a big win with Super Bowl LIX with record viewership. Last year’s record-breaking Super Bowl along with a key Super Bowl LVII rematch of the Philadelphia Eagles and Kansas City Chiefs could help boost advertising rates.
What Happened: The Chiefs helped Paramount Global set a record for AFC Championship viewership along with several other records set in the 2024 season for Amazon and Netflix.
The NFL team could bring Fox record Super Bowl viewership and record prices for Super Bowl commercials.
After initially charging $7 million for 30-second commercials, Fox has been able to price some additional Super Bowl commercials at $8 million each, as reported by Variety.
Sources said Fox sold at least 10 commercials at this record-breaking Super Bowl commercial rate.
Fox Sports Executive Vice President of Sales Mark Evans called the Super Bowl “the only place where you can aggregate legitimate scale with one commercial.”
“It’s not like any other thing,” Evans said.
Fox sold the majority of its Super Bowl ad inventory before September but saw increased demand after it sold out completely.
State Farm and other advertisers pulled out from their Super Bowl commercials, which opened up ad spaces for Fox. The media company was able to sell the ads for higher rates.
With Super Bowl LIX commercial space limited, the ad rates for slots during the pre-game coverage have also gotten more expensive with some 30-second spots going for $4 million, double the normal $2 million rate. Post-game ads from Fox are being sold for $4 million, compared to $2.5 million to $3 million in past years.
Fox is also adding potential ad sponsors to its list of potential “floating” breaks that happen when a player is injured or a time out is called. These are not guaranteed, but it is a way for Fox and the NFL, who splits revenue on these ads, to generate additional revenue. There is also the potential of the game going to overtime, like last year’s Super Bowl, that would allow for more ad inventory to be shown.
Read Also: Super Bowl Commercials 2024: Complete List Of Super Bowl LVIII Ads And Companies Behind Them
Why It’s Important: Fox generated $600 million in advertising revenue from its last Super Bowl in 2023.
The media company gets another Super Bowl two years later and a chance to continue to cash in on the strong demand for sports and political content over the past 12 months.
The Chiefs are seeking a three-peat and to become the first NFL team to win back-to-back-to-back Super Bowls. While some NFL fans are tired of watching the Chiefs’ success in the postseason, the team dominated viewership in the 2024 NFL season including the recent record set for the AFC Championship game.
Last year’s Super Bowl (Super Bowl LVIII) featured the Chiefs and San Francisco 49ers. The game set Super Bowl records for viewership with an average of 123 million viewers. A total of 202.4 million people watched at least part of Super Bowl LVIII.
With a marquee matchup between the Chiefs and Eagles, Fox could see viewership records broken or at least come close to last year’s Super Bowl.
No matter what the viewership figures are, Fox is set to enjoy a windfall of revenue from its record-breaking Super Bowl commercial rates.
FOX Price Action: Fox stock closed Wednesday up 0.57% to $47.85 on Wednesday versus a 52-week trading range of $25.82 to $48.35. The new 52-week high was set earlier Wednesday and shares are now up 59% over the last year.
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