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Technology Stocks : Media Industries: Newspapers, TV, Radio, Movies, Online
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From: Ron7/21/2025 2:52:03 PM
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Tom Daly

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Late-night TV’s unfortunate reality The bottom has indeed been falling out of the late-night TV business model for several years now. Audience fragmentation and digital competition have led to a decline in ad revenue across the board. One insider described it as “cratering” at CBS.

That’s because, even though Colbert outrated his competition at 11:35 p.m., the overall audience for late-night has been shrinking.

“Ad dollars and audiences are moving away from late night shows,” Variety reported — and that was back in 2023.

The financial picture has only gotten gloomier since then. Guideline, an ad data firm, estimates that the networks’ late-night shows earned $439 million in ad revenue in 2018 and only $220 million in 2024 — a decline of 50 percent.
But couldn’t CBS have explored changes to the cost structure? That’s what the network did later in the evening, in its 12:35 a.m. time slot, in 2023. “The Late Late Show with James Corden” ended, partly due to the fact that it was no longer making money for CBS, and a cheaper show called “After Midnight” was launched in its place.

Colbert was an executive producer on both “After Midnight” and “The Late Show,” so he had some visibility into the financial circumstances.

But the swiftness of the network’s decision suggests that he wasn’t given much time to suggest cost savings or other alternatives.

cnn.com
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