Jimmy Kimmel Live's financial success for ABC seems uncertain, as the waning popularity of late-night television suggests no profits.
In a significant shift for the television landscape, several major networks have announced changes to their late-night lineup. CBS, the parent company of CBS News, has announced that Stephen Colbert's late-night show, "The Late Show with Stephen Colbert," will not be renewed after its current season ends. This decision follows a similar move by Disney-owned ABC, which suspended Jimmy Kimmel's show, "Jimmy Kimmel Live!", last year.
The moves come amid a decline in late-night TV viewership and advertising revenue. Over the past decade, "Jimmy Kimmel Live!" has hemorrhaged viewers, losing 72% among the key demo (18-49-year-olds). Similarly, CBS's "The Late Show" and NBC's "The Tonight Show with Seth Meyers" have seen viewership declines of 70% to 80% since 2015.
Network TV research analysts predict that 2022 could be the last year most or all traditional network's late-night shows turn a profit. In an effort to shore up their finances, TV networks are making cutbacks to the late-night lineup. CBS opted against replacing "The Late Late Show with James Corden" when the host departed in 2023 after eight years with the show.
The suspension of Kimmel's show was due to controversial comments made by the host about the assassination of conservative activist Charlie Kirk. Nexstar and Sinclair, two prominent media groups that own ABC affiliates, announced they would preempt "Jimmy Kimmel Live!" indefinitely following the comments.
The "Late Late Show" was on the air with a variety of hosts from 1995 until two years ago, with Tom Snyder, Craig Kilborn, and Craig Ferguson preceding Corden as the host. CBS insiders reported that Colbert's show was losing upwards of $40 million a year.
Last year, budget cuts at NBC led to the elimination of the 8G Band, which was the house band for "Late Night With Seth Meyers" from 2014 to 2024. The CEO of Disney, Bob Iger, was involved in the decision to remove Kimmel from the air.
Several television networks in recent years have shortened or completely discontinued their specialty news programs to save costs, although specific network names are not detailed in the search results. Net losses in late-night TV on broadcast networks are projected to widen in the years ahead.
As the landscape of late-night TV continues to evolve, it remains to be seen how networks will adapt to changing viewership and advertising trends. However, it is clear that cost-cutting measures are becoming increasingly common as networks seek to maintain profitability in a challenging environment.
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