Part 5/9:
The segment also touched on the intense rivalry that once characterized late-night television, highlighting how the competition between hosts like Jay Leno, David Letterman, and Conan O'Brien fueled ratings and innovation. Today, the decline of such fierce competition has coincided with a fragmentation of audiences, many of whom now prefer podcasts and online content. Hosts like Stewart and Kimmel, once rivals, now often show solidarity to support each other amid the industry upheaval.