Ever since CBS pulled the plug on The Late Show with Stephen Colbert citing financial reasons, there has been a never-ending news cycle surrounding the show's cancellation and its political implications. Everyone, most especially the current President of the United States, has an opinion on the imminent and unfortunate ending of a late night institution, whether positive or negative.
According to a new study from Parrot Analytics, Stephen Colbert's show wasn't making nearly as much money in streaming revenue as his fellow late night talk show hosts. The site estimates that between Paramount+'s launch in the first quarter of 2021 until the first quarter of 2025, The Late Show brought in about $58 million in streaming subscriber revenue.
That's a much lower figure compared to the other major late night talk show host that are Colbert's direct peers and competition: Last Week Tonight with John Oliver ($184 million), The Tonight Show Starring Jimmy Fallon ($122 million), Jimmy Kimmel Live! ($85 million), Late Night with Seth Meyers ($68 million), and Real Time with Bill Maher ($63 million).
Obviously, the study's findings are not to imply that financial factors were the actual reason behind The Late Show's sudden and shocking cancellation. The situation's much more complicated and has connections to the Paramount merger with Skydance, where millions and billions of dollars are in play with the president. Colbert has directly spoken out against the situation as well as the president.
There are so many variables that allow for certain shows to produce more streaming revenue than others, including demographics, formatting, and even the platform that they're streaming on. While Paramount+ certainly has its hit shows, it's not quite in the same league as HBO Max, which houses John Oliver's show, or even Hulu and Peacock, the streaming homes of Jimmy Fallon and Seth Meyers.
The Late Show with Stephen Colbert was still a very popular show with decent ratings, though it might not have been as popular on Paramount+ in the streaming age. That might have more to say about Paramount+ and the state of late night than it does about the show itself. The Paramount+ audience simply might not be seeking out The Late Show when Taylor Sheridan shows are an option.
In the wake of Colbert's show getting canceled, it's been a big topic of conversation that late night shows could be endangered. These shows used to be must-watch nightly events, and while some interviews and segments still tend to go viral, that's the thing: How we watch them is different. We're catching clips on social media, YouTube, and TikTok instead sitting down to watch them.
However, the data's truth that The Late Show made less streaming revenue than the other shows doesn't negate the fact that these shows were and are still making money and have an important societal and commercial value. It's a shame that The Late Show's legacy will end in May 2026, but late night shows still have a lot of life to live, laughs to provide, and politics to push back against.