Media and leisure elites aren’t so completely 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 acquired a lesson in being laid off. The left isn’t taking it properly.
As anybody who has labored is aware of, {the marketplace} modifications; what individuals purchase or watch one yr might fall out of favor or lose out to rivals. It occurred to Colbert, who introduced his present’s cancellation on July 17.
“That is all simply going away,” the comic instructed his viewers. “Subsequent yr can be our final season. The community can be ending ‘The Late Present.’ ”
“The Late Present” has been round since Dave Letterman first sat behind the host desk in 1993. Loads 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 growing older like milk.
Irrelevant, say Colbert defenders.
“They simply lower NPR and, you recognize, public broadcasting. Sure, they’re attempting to silence individuals, however that gained’t work. It gained’t work. We are going to simply get louder,” actress Jamie Lee Curtis instructed the Related Press.
“CBS canceled Colbert’s present simply THREE DAYS after Colbert known as out CBS mum or dad 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 many years is a part of what’s making all people marvel … was this purely monetary or perhaps the trail of least resistance on 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 Put up reported, although the “Late Present” was recurrently No. 1 in its timeslot amongst community tv, the present misplaced $40 million a yr in income. Late-night viewership isn’t what it was.
Guideline, an advert knowledge 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 a whole lot of staffers and elaborate studio productions.
They’re additionally not a very good match for streaming since they are typically topical, limiting their shelf life. And whereas Colbert’s commentaries and interviews usually 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 determination in opposition to a difficult backdrop in late night time. It’s not associated in any approach to the present’s efficiency, content material or different issues taking place at Paramount,” Paramount and CBS executives stated.
In another business, monetary hemorrhaging would have led to layoffs and price cuts way back. However hosts of late night time TV exhibits are particular, in keeping with the pushback. CBS ought to have eagerly “saved” the present and fortunately continued to lose income and viewers.
Colbert’s wage was within the hundreds of thousands, he’ll be OK. Fallon, Kimmel and Stewart are probably a bit nervous because the lesson settles in: media and leisure elite are usually not as untouchable as they thought.
