What were late-night TV ratings trends across 2023–2025 and how did streaming affect them?
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Executive summary
Linear late‑night TV showed gradual year‑over‑year declines from 2023 into 2024 and carried through into 2025 for many flagship shows even as some series posted quarter‑to‑quarter gains; for example, Colbert fell year‑over‑year in Q1 2024 (-9% total viewers vs. Q1 2023) but later posted growth in mid‑2025 quarters, with The Late Show averaging 2.42 million in Q2 2025 [1] [2]. Industry coverage and trade data tie those audience shifts to a larger migration of viewing and ad dollars toward streaming, social clips and on‑demand formats, even as late night still commands significant ad spend (late‑night ad spend up 6.1% through H1 2025, with continuing advertiser interest) [3] [4].
1. Ratings fell overall but with notable quarter swings
Trade reporting documents a multi‑year decline in linear late‑night audiences into 2023–24 — the industry framed the pattern as part of linear TV’s broader erosion — with Colbert down vs. year‑ago in Q1 2024 (-9% total viewers, -11% P18‑49) even while he gained slightly quarter‑to‑quarter [1]. By 2025, LateNighter and outlet summaries show the pecking order mostly stable (Colbert, Kimmel, Fallon) but with episodic rebounds: Q2 and Q3 2025 reporting recorded Colbert and Kimmel gains and a roughly flat aggregate total‑viewer picture Q3‑to‑Q2 while adults 18–49 rose about 3% thanks to those gains [5] [6]. Those details show decline is uneven — steady long‑run drift downward with short‑term recoveries tied to talent, news cycles and programming changes [6] [5].
2. Streaming and clips are the structural disruptors
Multiple industry analyses link late‑night’s shrinking linear reach to streaming and social distribution. Reporters say audiences increasingly consume segments as clips on YouTube and social media or seek interviews and deep dives via podcasts and streaming, eroding the value of the broadcast appointment [3] [7]. Hollywood Reporter and Axios framed streaming as a structural threat: streaming platforms haven’t yet fully replicated the late‑night format successfully, but they and social platforms siphon attention and make the traditional monologue/interview block harder to monetize [3] [7].
3. Money follows attention — but not in a simple way
Ad and finance stories stress complexity: late night still earns substantial ad dollars and integrations, and ad spend through early 2025 rose in some measures (late‑night ad spend up 6.1% through H1 2025) even though network linear spend has fallen materially over several years [4]. Media analyses caution networks that streaming deals and corporate priorities (cost cutting, mergers, FCC considerations) drive programming decisions as much as raw ratings — CBS’s decisions around Colbert were framed both as financial and corporate‑strategy moves [8] [9].
4. Networks face format and cost pressure; some shows get cut
Coverage of 2025 shake‑ups — notably Colbert’s cancellation at CBS — underscores the industry calculus: expensive nightly productions are vulnerable when streaming and owned‑platform strategies can offer higher margins or greater corporate synergy. Hollywood Reporter and USA Today presented the move as a canary in the coal mine, reflecting ownership changes, cost pressures and the competition of lower‑cost digital alternatives [9] [8].
5. Alternatives and counterarguments from the trades
Not all outlets declare late night dead. LateNighter and Variety documented periods where Colbert, Kimmel and Meyers remained competitive in key demos and that some shows posted quarter‑to‑quarter growth [6] [10]. Industry commentators point to the potential for hosts to build direct‑to‑consumer channels or lean into viral clip strategies; Marketplace and MediaPost explored whether moving shows entirely to streaming or CTV could be viable — but also noted streaming revenues for such moves are not yet equivalent to legacy broadcast ad dollars [11] [12].
6. Limitations and what reporting does not say
Available sources document linear ratings, ad‑spend trends, corporate moves and commentary about streaming pressure, but they do not provide a unified, audited cross‑platform audience metric that fully aggregates broadcast, social‑clip views and podcast listenership; outlets note it is “tougher to properly gauge popularity” because so much late‑night consumption is online [10] [3]. Sources do not provide a single reconciled figure for total audience across linear plus streaming/clips, nor do they supply comprehensive proprietary streaming revenue comparisons for each show [10] [4].
7. Bottom line: evolve or re‑tool the business model
Reporting across trade and mainstream outlets converges: late night’s traditional broadcast appointment is under secular pressure from streaming, social clips and changing viewer habits, which has translated into long‑run ratings decline with episodic rebounds and an ongoing reappraisal of costs and distribution by networks and conglomerates [3] [7] [9]. The debate now centers on whether shows migrate to new platforms, shrink budgets, or reinvent formats to monetize viral short‑form and on‑demand audiences — options the trades say are available but are unproven at scale and unevenly profitable so far [11] [12] [3].