American Idol Set To Lose Money This Year
Posted by Joseph Lee on 02.24.2014
For the first time ever...
TMZ reports that FOX's American Idol is set to lose money this year, the first time ever the program has done so.
The show pays a large amount of money between its stars (Jennifer Lopez got $15 million or more, Ryan Seacrest gets about the same) and spent between $5 and $7 million on a new set. They are still paying the two fired executive producers who left last season. They will also spend at least $5 million on viewer phone calls.
In addition to this, ratings are down 26% from last season which means that the show gets less money from advertising. Some can be deferred until next season but will still be losses.
This is the first time the show has ever lost money, as it has earned hundreds of millions of dollars in profit in a single season. The show will not be canceled after this season, partially due to the fact that FOX has already canceled The X Factor and there would be too many gaps in its primetime schedule if both were gone. Idol has run for thirteen seasons and still gets high ratings for FOX.