The End of an Era: The Late Show with Stephen Colbert to Conclude in 2026

CBS recently announced that “The Late Show with Stephen Colbert” will officially come to an end in May 2026, marking the conclusion of a remarkable 33-year run for late-night television. While the decision has sparked surprise and backlash, particularly among fans who point to Colbert’s impressive ratings in traditional broadcasting, the underlying reasons reveal a complex landscape of streaming economics and audience engagement.

According to Parrot Analytics’ Streaming Economics model, “The Late Show” has struggled to convert its loyal viewership into significant streaming revenue. Since the launch of Paramount+ in Q1 2021, the show has generated just under $60 million in subscriber revenue for the platform in the US and Canada. This figure pales in comparison to its late-night competitors—“Last Week Tonight with John Oliver” raked in $184 million for HBO Max, while “The Tonight Show Starring Jimmy Fallon” brought in $122 million across Hulu and Peacock during the same timeframe.

This disparity highlights a critical challenge for Paramount+: despite drawing a sizable linear audience, the show has not translated that success into meaningful streaming revenue. While advertising, licensing, and brand partnerships remain vital components of a late-night show’s value, the current media landscape prioritizes the ability to generate subscription revenue.

It’s essential to clarify that the cancellation is not a reflection of Colbert’s popularity; in fact, “The Late Show” was the third most in-demand late-night series in the US during the first half of 2025, boasting nearly 36 times the average series demand. This indicates that while the show maintains a strong cultural presence, Paramount+ may lack the necessary scale, marketing efficiency, or content bundling strategies to capitalize on Colbert’s dedicated fanbase effectively.

The situation raises critical questions for legacy media companies: how can they adapt their content strategies to thrive in a streaming-dominated environment? Newer platforms like Netflix and Prime Video have yet to delve deeply into the late-night genre, leaving the door open for speculation on whether they could have unlocked greater value from Colbert’s show than Paramount+ has managed.

As we move further into a streaming-first future, “The Late Show with Stephen Colbert” serves as a poignant example of how legacy formats can struggle to find their footing. The show remains culturally significant and continues to attract interest, yet in an era where content decisions are increasingly evaluated through the lens of streaming ROI, it appears that misaligned monetization strategies may have led to its untimely end.

While the late-night talk show format faces scrutiny regarding its relevance today, the data suggests that adaptation is key. With the right approach to the evolving streaming landscape, there remains hope for the survival and evolution of this beloved genre. As the curtain falls on Colbert’s tenure, the industry must reflect on the lessons learned and consider how to revitalize late-night entertainment for a new generation of viewers.