Jay Leno is off the Tonight Show as of last night. NBC wants to hand off the iconic gig to someone of the younger generation, namely, Jimmy Fallon. Never mind that Leno is going out at #1 in his time slot. Never mind that Leno is #1 with the younger generation (the 18-49 demographic) that NBC is trying to attract with Fallon.
But ratings are not everything in the television industry. Nor, despite economic theory, are profits everything in the corporate world. Those who run the entertainment industry and America’s other businesses want the approval of their peers, feel cultural pressure, and yearn to be cool. Those things can be more motivating than money and success. [Read more...]