Stephen Colbert's exit from The Late Show signals a major transformation in the late-night landscape, largely driven by the rise of podcasts. Once a prime space for comedy and cultural dialogue, late-night television struggles against the efficiency and authenticity of podcasts, which have absorbed much of its audience. Despite Conan O'Brien's podcast attracting 1.3 million downloads per episode—surpassing his late-night viewership—Colbert's show remains costly to produce, reflecting a broader decline in late-night TV viewership, particularly among younger demographics.
As my friend Chris Peterson said in his DWNLOAD Media newsletter, as a podcaster Conan O'Brien is getting the job done and attracts top talent for a fraction of the cost of a late night show.
Podcasts didn't replace late night - they absorbed its role and modernized it.
The format shifted. The audience shifted. The power shifted.
Whatever the form, it represented currency.
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