Media and leisure elites aren’t so totally different from the remainder of us, however don’t inform them that. This rarefied bunch consists of “The Late Present” host Stephen Colbert, who simply received a lesson in being laid off. The left isn’t taking it nicely.
As anybody who has labored is aware of, {the marketplace} adjustments; what folks purchase or watch one 12 months might fall out of favor or lose out to opponents. It occurred to Colbert, who introduced his present’s cancellation on July 17.
“That is all simply going away,” the comic advised his viewers. “Subsequent 12 months will likely be our final season. The community will likely be ending ‘The Late Present.’ ”
“The Late Present” has been round since Dave Letterman first sat behind the host desk in 1993. Quite a bit has modified since then: expertise, competitors and viewership particularly. In a panorama the place a coveted youthful viewers turns to TikTok and YouTube for clips, the late-night speak present format is getting old like milk.
Irrelevant, say Colbert defenders.
“They simply minimize NPR and, you realize, public broadcasting. Sure, they’re making an attempt to silence folks, however that gained’t work. It gained’t work. We are going to simply get louder,” actress Jamie Lee Curtis advised the Related Press.
“CBS canceled Colbert’s present simply THREE DAYS after Colbert known as out CBS father or mother firm Paramount for its $16M settlement with Trump – a deal that appears like bribery,” Sen. Elizabeth Warren posted on X.
“The truth that CBS didn’t attempt to save their No. 1 rated late-night franchise that’s been on the air for over three a long time is a part of what’s making everyone marvel … was this purely monetary or perhaps the trail of least resistance to your $8 billion merger?” Jon Stewart stated on his Comedy Central program.
Sadly for the wailing set, the underside line is the underside line. As The New York Publish reported, although the “Late Present” was recurrently No. 1 in its timeslot amongst community tv, the present misplaced $40 million a 12 months in income. Late-night viewership isn’t what it was.
Guideline, an advert information agency, estimates that the networks’ late-night exhibits earned $439 million in advert income in 2018 and solely $220 million in 2024 — a drop of fifty%.
As CNN reported, late-night exhibits hosted by Colbert, Jimmy Fallon and Jimmy Kimmel are costly to provide, with tons of of staffers and elaborate studio productions.
They’re additionally not an excellent match for streaming since they are typically topical, limiting their shelf life. And whereas Colbert’s commentaries and interviews typically go viral on social media, that’s not simply transformed into cash, since CBS doesn’t management the social platforms. It’s a lesson each late-night host ought to take to coronary heart.
“That is purely a monetary resolution in opposition to a difficult backdrop in late evening. It’s not associated in any method to the present’s efficiency, content material or different issues occurring at Paramount,” Paramount and CBS executives stated.
In another business, monetary hemorrhaging would have led to layoffs and value cuts way back. However hosts of late evening TV exhibits are particular, in response to the pushback. CBS ought to have eagerly “saved” the present and fortunately continued to lose income and viewers.
Colbert’s wage was within the tens of millions, he’ll be OK. Fallon, Kimmel and Stewart are possible a bit nervous because the lesson settles in: media and leisure elite are usually not as untouchable as they thought.
