Jimmy Fallon's "The Tonight Show" is currently the only regular late-night programme still producing new episodes, as rival shows take extended summer breaks amid a broader decline in the format's economics. NBC has begun what is expected to be a seven-week hiatus for Seth Meyers' "Late Night" — the longest break since Meyers took over in 2014 — while Comedy Central's "Daily Show" is off for five weeks, and Jimmy Kimmel's ABC show is relying on guest hosts and repeats during his vacation. Stephen Colbert's show has ended, with CBS exiting late night altogether bar a leased slot for Byron Allen.

The pattern reflects a wider retrenchment in late-night television, as streaming draws away audiences who once tuned in nightly. Advertising spend on late-night shows fell to $209 million in 2025, down nearly 60% from $519.7 million in 2017, according to Guideline. Talent deals are also shrinking: Kimmel signed a one-year Disney extension through 2027, John Oliver agreed a one-year HBO extension, and Jon Stewart has renewed "The Daily Show" annually since 2024 — whereas Fallon and Meyers still hold longer contracts running until 2028.