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The reality of declining viewership is stark. Colbert’s show has experienced a staggering 32% decrease in viewership over five years, down from 3.81 million to just around 2.6 million. Other notable shows within the genre are not faring any better. Fallon's "Tonight Show" is reducing its schedule from five nights to four due to persistent ratings struggles, while Seth Meyers has also seen a decline of about 32%.
The stark truth is this: the once-dominant late-night programming structure is crumbling under its own weight.