CBS recently canceled The Late Show with Stephen Colbert, citing financial losses due to a decline in viewership. The Late Show originally aired in 1993 with David Letterman at the helm, Colbert took over the show in 2015 after Letterman’s retirement. Commentators online have theorized that the show’s cancellation may be related to the proposed Skydance-Paramount merger, a deal that requires the approval of President Trump. Colbert was one of Trump’s fiercest critics, and some believe his persistent antagonism toward the president could have jeopardized the deal.

The Decline of Late-Night Television

Regardless of the motivation behind the cancellation, there is no denying that traditional late-night television has been in decline for nearly a decade. Peaking with Carson and rejuvenated under Letterman, late-night television was once a staple of major networks’ weekday lineups. The classic formula — a funny host, dependable sidekick, house band, and major celebrities — was propagated for decades under the stewardship of several comedians-turned-hosts.

The Late Show’s cancellation is not the end of late-night TV; The Tonight Show and Jimmy Kimmel Live still live on, but mostly online. Kimmel and Fallon’s YouTube channels both pull in views by the millions. Late-night television’s key demographic is largely comprised of young people. Today, young people watch things online. But what is the point of producing a show for broadcast when its relevance is derived from online viewership?

In theory, these shows would be easy to port to streaming or YouTube. Get a host, get a sidekick, maybe get a band, book celebrities, and shoot it in front of a live audience. It’s a simple (but expensive) formula to repeat. Netflix has even tested the waters in this space with Everybody’s in L.A. with John Mulaney. However, the reactions have been mixed, and the ratings are only a fraction of what traditional late-night shows receive. John Mulaney’s show received about 500,000 viewers per episode; Jimmy Kimmel receives about 1.77 million viewers per episode. To put these numbers in perspective, Letterman averaged 7.1 million viewers in 1993. At his peak, Johnny Carson was pulling in 9 million viewers a night.

What’s Replacing Late-Night?

I believe that the decline in late-night TV is not primarily due to the rise of streaming or shorter attention spans. These are undeniably factors, but not the main reason. At its core, late-night TV’s appeal lies in celebrity interviews. The meat and potatoes of these shows are watching a funny host interact with and interview celebrities. In past decades, these shows were one of the only venues to watch your favorite celebrities speak in an informal setting. Today, it seems we can see every waking moment of our favorite celebrities’ lives outside of the four corners of a television.

Podcasts are an excellent platform to hear long-form interviews with our favorite celebs. Most podcast interviews feel informal, like two old pals catching up after years apart. Hosts like Marc Maron, Joe Rogan, and, more recently, Amy Poehler have no problem securing A-list talent to sit down and chat for an hour or more about whatever is on their minds. Traditional late-night interviews are short, rehearsed, and performed in front of a live studio audience. They are not conducive to hearing the real versions of our favorite public figures. Podcasts can provide real insights into people’s lives; late-night shows feel like reading the first paragraph of a Wikipedia entry in comparison.

Furthermore, social media has allowed us to peek behind the curtain of celebrities’ lives. Even the President of the United States pops off whatever comes to his mind on Truth Social. When public figures give their spiel on late night, it feels as if we are watching them recap what we saw online weeks earlier. Late night is no longer the primary gateway into the lives of people who were previously unknowable to the masses. It is simply an outdated relic of a less interconnected time.

What the Future of Late-Night Could Look Like

John Mulaney’s show is receiving low ratings not for a lack of talent, but because it is anchored to an outdated format. People have become accustomed to the loose, free-flowing style of podcast interviews. These types of interviews are simply not possible in front of a live studio audience with tight time constraints.

I believe that someone will crack the code on this, blending the looseness of podcasts with the “fun” of late-night TV. If YouTube is any indicator, there is still a demand for the type of content late-night shows typically produce. Singing challenges with Jimmy Fallon and on-the-street pranks still rack up views. However, it’s the interviews that keep people coming back. People love celebrity culture, and late-night TV is no longer at the forefront.