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CBS Announces Cancellation of The Late Show with Colbert

The Late Show will end its 33-year run in May 2026 amid disappointing streaming revenue.

July 28, 2025 at 09:15 PM

Colbert’s ‘Late Show’ Generated $60 Million in Streaming Revenue Since 2021, Less Than Kimmel, Fallon and Meyers | Charts

CBS reveals disappointing streaming earnings for The Late Show with Stephen Colbert.

Colbert's Late Show Falls Short in Streaming Revenue Compared to Peers

CBS announced on July 17 that it will cancel The Late Show with Stephen Colbert, ending its 33-year run in May 2026. This decision follows a report from Parrot Analytics, which indicates that The Late Show generated under $60 million in streaming revenue for Paramount+ in the last two years. This figure pales in comparison to its competitors. Last Week Tonight with John Oliver brought in $184 million for HBO Max, while The Tonight Show Starring Jimmy Fallon earned $122 million across Hulu and Peacock. Despite strong linear ratings and audience demand, The Late Show struggled to convert that viewership into significant streaming revenue, indicating potential flaws in Paramount+'s strategy. This situation raises broader questions about how traditional media companies can adapt to a streaming-first environment.

Key Takeaways

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Colbert's show earned under $60 million in streaming revenue since 2021.

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Last Week Tonight leads with $184 million in revenue for HBO Max.

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Main challenges arise from converting loyal viewership into streaming profit.

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Paramount+ struggles with resources to maximize Colbert's audience potential.

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Late-night shows require evolution to thrive in a streaming-first market.

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Colbert's cultural relevance may not shield it from changing media landscapes.

"This disconnect between audience demand and streaming revenue points to platform-specific monetization limitations."

This highlights the challenges legacy media companies face in converting audience interest into streaming revenue.

"In an era where every content decision is increasingly judged through a streaming ROI lens, The Late Show could be a casualty of misaligned monetization, not declining relevance."

The statement emphasizes the critical relationship between content strategy and financial viability in the current media environment.

The contrast between audience loyalty and streaming performance highlights a critical challenge for legacy networks like CBS. While Stephen Colbert's show remains popular, particularly among linear viewers, it seems unable to capitalize on that popularity within the streaming realm. This disconnect suggests that Paramount+ may lack the necessary resources or strategies to effectively monetize such a beloved program. As streaming becomes the industry standard, networks must rethink how they leverage established formats like late-night talk shows. The potential for new models that align with streaming economics could save the genre, but it requires an urgent shift in approach.

Highlights

Colbert's revenue numbers reveal a streaming gap that cannot be ignored.
Loyal viewership doesn't always translate to streaming success.
The Cancelation of Colbert reflects broader industry issues.
Late-night formats need a streaming strategy to survive.

Potential Financial Risks for CBS

The cancellation may indicate significant issues with Paramount+'s ability to monetize popular content. This could lead to backlash or further scrutiny from investors and the public.

The evolving media landscape demands urgent adaptation from traditional networks to stay relevant.

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colbert late night streaming cbs paramount media television

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