Stephen Colbert's sign-off from CBS's "The Late Show" may mark the end of a historic TV franchise, but the late-night tradition is far from dead.
Comedy is thriving on podcasts. Former late-night hosts like Conan O'Brien, Chelsea Handler, and Samantha Bee have found second acts. They're joined by comedians like Amy Poehler and rising stars like Kareem Rahma.
Trevor Noah's podcast "What Now? With Trevor Noah" commands a much larger audience than his TV show, with 4.6 million YouTube subscribers.
TV audiences have declined sharply. Top comedy shows once earned over $100 million a year; Colbert's show was losing $40 million annually.
Podcasts are cheaper and allow talent to own their shows, reaping advertising, subscription, and sponsorship revenue.
Ad dollars are shifting: late-night TV ad spending has fallen nearly 60% since 2017, while podcast revenue is growing.
YouTube has become the leading platform for podcasts, especially video podcasts. Conan O'Brien's podcast has over 230 million downloads.
Owning a podcast offers creative freedom and financial rewards that can dwarf traditional TV compensation.
