The Big Shift
Do you remember when late-night TV was the coolest thing to watch? Shows like The Tonight Show and Late Night with Seth Meyers were all the rage. But things seem to be changing pretty fast. It’s like we are watching the end of an era. But what’s causing this?
Changes On All Fronts
Recently, NBC’s The Tonight Show with Jimmy Fallon made a big announcement. They’re only going to broadcast four nights a week now. Yes, you read that right. They’re canceling the Friday night episode and there’ll be a rerun instead. This marks the end of an era where five-night-a-week late-night shows were the bomb.
The cutbacks aren’t just on the schedule. Late Night with Seth Meyers has ditched their house band because of budget cuts. And CBS? They ended the Late Late Show after James Corden left, replacing it with a cheaper comedy game show, After Midnight. So, the question is: Why is this happening?
In Search of Youth and Cash
Brad Adgate, a media analyst, says that he is surprised because late-night variety shows used to be quite profitable. But with the rise of streaming and social media, these shows face new challenges. Much of the audience is now turning to platforms like Netflix and YouTube.
These platforms offer their content whenever viewers want it. Late-night shows have moved some of their content to these platforms, but they found it does not cover the cost of producing the shows. Plus, the mainly older audience of traditional TV doesn’t appeal to advertisers as much as younger viewers on online platforms.
Low Numbers
Five years ago, The Late Show, The Tonight Show, and Jimmy Kimmel Live were winning big with millions of viewers. However, by the 2023-24 season, their viewer numbers had dropped up to 41%. Even the 12:35 a.m. slot has seen a significant decline. Late Night with Seth Meyers has lost almost one-third of its viewership compared to previous years. The new CBS show, After Midnight, is coasting with about 730,000 viewers in its early months.
Money Matters
The financial pressures on these shows are real. For instance, Brian Stelter reported last year that The Late Late Show was losing between $15 million to $20 million annually. This likely led CBS to cancel the show after James Corden left. This is clearly placing a heavy financial burden on late-night TV.
Finding New Ways
So, how can late-night shows keep afloat in these turbulent times? Networks are trying different strategies. One idea is to have hosts take on more tasks, like hosting awards shows or corporate events. Some late-night hosts are also creating and producing other shows or branching into new ventures. Jimmy Fallon, for instance, is working on a haunted house experience in New York.
Streaming’s Attempt
Netflix and Peacock have tried their hand at creating new late-night formats. However, they haven’t found a winning formula yet. It’s still uncertain whether such ventures will be successful in the long run.
Summing Up
In conclusion, the world of late-night television is going through some big changes – and fast. Streaming seems to be shaking things up. It could mark the end of late-night shows as we know them. Or, these shows may find new ways to thrive in the era of streaming and changing viewer habits. Only time will tell. Watch this space! Check the full story on Project Casting.