Summary of "No Mercy / No Malice: Last Laugh"
Podcast: The Prof G Pod with Scott Galloway
Episode: No Mercy / No Malice: Last Laugh
Release Date: July 26, 2025
Introduction
In the episode titled "Last Laugh," Scott Galloway delves into the seismic shifts occurring in the late-night television landscape, emphasizing the decline of traditional late-night shows and the rise of podcasts as the new frontier in media consumption.
Cancellation of Stephen Colbert's Late Show
Scott begins by addressing the recent cancellation of Stephen Colbert's "The Late Show" by CBS, interpreting it as a pivotal moment signaling broader changes in the media industry.
Scott Galloway [02:15]: "I interpreted it as the latest sign of America's descent into fascism. Another media company bending the knee."
He highlights the backlash from the media community and the public, noting the irony that while executives mourn the loss of a veteran comedian, the underlying economic pressures were the true driving force behind the decision.
Scott Galloway [05:47]: "If late night television were a standalone business, it would have declared bankruptcy last year."
Economic Factors and Industry Changes
Delving deeper, Scott outlines the economic downturn affecting late-night TV. He points out the dramatic decline in advertising revenue—from $439 million in 2018 to an estimated $220 million in 2024—and contrasts this with the meteoric rise of streaming platforms like Netflix and YouTube.
Scott Galloway [09:30]: "During the last two months, for the first time ever, viewers spent more time watching streaming services than the broadcast and cable networks combined."
He criticizes the outdated business model of late-night shows, which are burdened with high production costs and diminishing audiences, particularly among the coveted 18 to 49 demographic.
Shift to Podcasts and Prof. G Media's Success
Transitioning to the rise of podcasts, Scott introduces Prof. G Media as a prime example of a modern, efficient media enterprise thriving in the current landscape.
Scott Galloway [14:05]: "Contrast Colbert with our company, Prof. G Media. We expect to generate $15 million to $20 million in annual revenue next year with about 15 full-time people."
He emphasizes the superior unit economics of podcasts compared to traditional TV, highlighting Prof. G Media's projected revenue per employee exceeding $1 million.
Scott Galloway [18:22]: "Unlike the late-night category, we're growing 20% to 30% annually, with half of our listeners in the 18 to 49 age bracket."
Examples of Other Media Personalities Transitioning
Scott provides several case studies of prominent media figures who have successfully transitioned from late-night TV to podcasts, demonstrating the viability and profitability of this shift.
Tucker Carlson
After being fired from Fox News in 2023, Tucker Carlson launched a podcast that quickly amassed over a million views and ranked highly on platforms like YouTube.
Scott Galloway [25:40]: "Even if his audience is smaller than it was previously, he's likely capturing similar economic value with a smaller team. Podcasts are TV, just more efficient."
Megyn Kelly
Ousted from NBC, Megyn Kelly's podcast garnered 3.5 million subscribers with a lean team, showcasing the potential for high engagement with reduced overhead.
Scott Galloway [29:10]: "With only six employees, her Megyn Kelly show had 3.5 million subscribers in March."
Conan O'Brien
Conor O'Brien's podcast endeavors not only maintained his relevance but also proved financially lucrative, including a significant sale to Sirius XM.
Scott Galloway [31:55]: "Conan O'Brien Needs a Friend was sold to Sirius XM for $150 million, likely making him more money today than during his late-night heyday."
Conclusions and Future Outlook
Scott concludes by asserting that the decline of late-night TV is not a mere trend but a definitive shift towards more sustainable and profitable media formats like podcasts. He predicts that as production costs decrease and audiences migrate, more late-night personalities will follow suit, leveraging podcasts to maintain cultural relevance and economic viability.
Scott Galloway [38:20]: "The end is nigh for late night TV, but podcasts delivering high quality and highly profitable entertainment are just warming up."
He envisions a future where media consumption is dominated by agile, audio-first platforms that offer better unit economics and cater to younger, more engaged demographics.
Scott Galloway [42:05]: "Podcasts are TV, but with an audio-first overlay and better unit economics."
Scott wraps up by reiterating the inevitability of this transformation, underscoring the need for media companies and personalities to adapt to the evolving landscape to remain relevant and profitable.
Notable Quotes
- Scott Galloway [02:15]: "I interpreted it as the latest sign of America's descent into fascism. Another media company bending the knee."
- Scott Galloway [05:47]: "If late night television were a standalone business, it would have declared bankruptcy last year."
- Scott Galloway [09:30]: "During the last two months, for the first time ever, viewers spent more time watching streaming services than the broadcast and cable networks combined."
- Scott Galloway [14:05]: "Contrast Colbert with our company, Prof. G Media. We expect to generate $15 million to $20 million in annual revenue next year with about 15 full-time people."
- Scott Galloway [18:22]: "Unlike the late-night category, we're growing 20% to 30% annually, with half of our listeners in the 18 to 49 age bracket."
- Scott Galloway [25:40]: "Even if his audience is smaller than it was previously, he's likely capturing similar economic value with a smaller team. Podcasts are TV, just more efficient."
- Scott Galloway [29:10]: "With only six employees, her Megyn Kelly show had 3.5 million subscribers in March."
- Scott Galloway [31:55]: "Conan O'Brien Needs a Friend was sold to Sirius XM for $150 million, likely making him more money today than during his late-night heyday."
- Scott Galloway [38:20]: "The end is nigh for late night TV, but podcasts delivering high quality and highly profitable entertainment are just warming up."
- Scott Galloway [42:05]: "Podcasts are TV, but with an audio-first overlay and better unit economics."
Conclusion
"Last Laugh" offers a compelling analysis of the decline of traditional late-night television and the rise of podcasts as the future of media consumption. Through economic data, industry insights, and real-world examples, Scott Galloway underscores the transformative changes reshaping the media landscape, advocating for adaptability and innovation to thrive in this new era.