Built appointment television when America had three channels. Johnny Carson and Letterman captured entire generations at bedtime — 7-8 million viewers nightly. Networks printed $100M+ per year in profit from a single show.
Technology moved. DVRs killed appointment viewing, then YouTube and streaming obliterated the business model — paying 10 cents per eyeball versus broadcast dollars. Colbert went political to differentiate, but young audiences (now 70-year-old median viewer) abandoned the format entirely for Rogan-style podcasts with 10x the reach and 1/100th the cost structure.
CBS cancelled The Late Show — no replacement planned. Industry revenue cut in half to $200M annually. Shows now lose tens of millions per year. High fixed costs meet collapsing viewership. The format is extinct.
