What is the future of late-night talk shows after the ‘Late Show' cancellation?
On Thursday, Colbert shocked his studio audience, social media and Hollywood with the news that the long-running late night talk show will end in May . Colbert, who has hosted 'The Late Show' since taking over from David Letterman 10 years ago, will not be replaced. The franchise that has long led its direct broadcast competition will be no more. Colbert remains the biggest draw in his time slot, averaging 1.9 million viewers, according to Nielsen, but he commands the largest slice of a shrinking pie. As my colleague Stephen Battaglio reported, 'The Late Show' is said to be losing tens of millions of dollars a year as younger viewers flee. Since 2022, the show has lost 20% of its audience in the advertiser-coveted 18-to-49 age group, according to Nielsen.Ad revenue for 'The Late Show' in 2024 was $57.7 million, according to iSpot.tv, down from $75.7 million in 2022. NBC's 'The Tonight Show Starring Jimmy Fallon' and ABC's 'Jimmy Kimmel Live!' have also slipped. As a result, late night shows have been slashing costs. NBC cut Fallon's show to four nights a week last year, while 'Late Night With Seth Meyers' eliminated its live band. Two years ago, CBS canceled 'The Late Late Show' hosted by James Corden.
One problem: Late night shows no longer serve the role they once did — especially for generations that grew up with social media and don't subscribe to TV packages. Waiting until 11:30 p.m. to hear the hot takes on the day's news is antiquated when political satire and commentary are now freely available and on demand through podcasts, TikTok, YouTube and X.
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