Colbert’s ‘Late Show’ Earns $60 Million in Streaming Since 2021—How It Compares to Kimmel, Fallon, and Meyers: Insights & Charts

CBS recently announced the end of “The Late Show with Stephen Colbert.” The beloved show will wrap up after 33 years in May 2026. Many fans are surprised, especially since Colbert has consistently performed well on traditional TV. But there’s more to the story than just ratings.

Recent data from Parrot Analytics shows that “The Late Show” generated around $60 million in streaming revenue for Paramount+ from early 2021 to early 2025. In comparison, “Last Week Tonight with John Oliver” earned $184 million for HBO Max during the same time, and “The Tonight Show Starring Jimmy Fallon” brought in $122 million via Hulu and Peacock. This stark contrast raises questions about Paramount+’s ability to capitalize on Colbert’s popularity.

While “The Late Show” has a loyal following, converting that viewership into streaming dollars has been a tough challenge for Paramount+. Colbert’s show ranked as the third most in-demand late-night series in the U.S. this year, nearly 36 times more sought after than the average show. Yet, that popularity didn’t translate into revenue on the streaming platform.

Experts say that the gap between demand and revenue highlights a broader issue in the entertainment industry. It’s not just about how popular a show is but how effectively platforms can monetize that popularity. Paramount+ may not have had the right scale or marketing strategies to best leverage “The Late Show’s” dedicated audience.

The landscape for late-night shows is evolving. Legacy networks like CBS face unique challenges adapting to a streaming-first reality. Newer platforms like Netflix and Prime Video have barely scratched the surface of the late-night format. This begs the question: could a platform with a broader reach have better harnessed the audience Colbert built?

As streaming becomes the preferred way to consume content, traditional formats like late-night talk shows must rethink their approaches. The difference in revenue performance among top late-night shows indicates that adapting content to fit modern viewing habits is vital for survival.

In sum, “The Late Show” is not only ending because of declining viewership but also due to mismatched monetization strategies in today’s streaming-dominated world. While fans debate the relevance of late-night formats, the data suggests there’s still room for growth. Adapting to a streaming-first reality could help keep this genre alive, ensuring it meets the demands of a changing audience.

For further insights on streaming and entertainment trends, you can refer to TheWrap.

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Stephen Colbert, The Late Show, Christopher Smith, Paramount