MSNBC and CNN Are Cratering, but That Might Be Bad News for Dominant Fox News

It’s interesting that my morning routine, before I start writing, largely consists of consuming “new” media—podcasts and various media and political newsletters like Puck, Platformer, and Status. Yet, much of new media seems focused on chronicling the decline of old mainstream media: linear television, cable news, and the like. I can’t help but wonder if Oliver Darcy’s and Casey Newton’s publications will last long enough to have their own declines documented by the next iteration of “new-new” media.

Since the election, the biggest news in the media world has been not just the continued collapse of cable television—fueled by Comcast spin-offs—but the implosion of cable news networks not named Fox News. Fox News is thriving post-election, with tremendous ratings. This makes sense: their viewers tune in daily to revel in the chaos.

Viewers of CNN and MSNBC, however, are turning off their screens. Many have little appetite for watching the world burn, but the decline also reflects a growing loss of trust in mainstream media. Joe Scarborough and Mika Brzezinski certainly didn’t help by meeting with the President-elect last week. Their ratings are now down 43% compared to the same period last year and 60% in the coveted 25-54 demographic. The demo, now down to just 51,000 viewers, pales in comparison to their total audience of 650,000. These numbers are staggering because they reveal that roughly 90% of viewers are over the age of 55—an ominous sign for the future of cable television.

The decline isn’t limited to Morning Joe. Both MSNBC and CNN are collapsing across the board. MSNBC’s primetime ratings are down 48%, while CNN’s are down 35%, with viewership hovering at 691,000 and 470,000, respectively. Similar steep drops are evident in the demo.

Fox News now accounts for 73% of all cable news viewership, compared to MSNBC’s 16% and CNN’s 11%. This dominance underscores why Rachel Maddow recently signed a new contract—albeit for $5 million less per year. Similarly, George Stephanopoulos is reportedly re-upping with ABC News at a significant pay cut. The audience is vanishing.

While Fox News currently dominates, the broader collapse of cable news may ultimately spell trouble for the network. The entire cable ecosystem Fox News depends on for revenue is shrinking. Fox News earns about $1.8 billion annually from carriage fees, but if cable itself dies, those fees disappear. Even a standalone Fox News streaming service—hypothetically boasting 3 million subscribers at $15 per month for $540 million annually—would fall far short of making up the difference.

In the short term, Fox News benefits from the failures of MSNBC and CNN, but the long-term viability of cable news is in question. Fox News may be king, but it’s a kingdom built on crumbling foundations.