Having cable news’s oldest average age for both prime-time hosts and audiences represents something of a double-edged sword for Fox in the cutthroat world of cable TV. One advantage is that older audiences are traditionally more loyal, which is why several industry experts say that Fox News is unlikely to be dislodged from its perch atop overall cable TV news ratings anytime soon. This age-loyalty effect redounds to the benefit of Fox News’s best-known prime-time hosts, Sean Hannity and Bill O’Reilly, as roughly two-thirds of their viewers are age 50 or older, according to a recent Pew State of the News Media survey.
But at the same time, there is an undeniable actuarial reality at work—or as Bartlett bluntly puts it, “Their viewership is quite literally dying.” The most lucrative advertising dollars flow to TV shows that attract viewers “in the demo,” short for “demographic”—industry parlance for people ages 25 to 54. By contrast, Fox News’s prime-time commercial breaks are blanketed with pitches for cheap medical devices and insurance companies aimed at retirees and the elderly. Perhaps not surprisingly, the network’s advertising rates have grown at a much more modest pace in recent years, according to the Pew survey. Similarly, the growth of its ad revenues has diminished every year since 2008.
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. . . Though the network did retain its status as the top-rated cable news network in 2012—its eleventh consecutive year at number one—the steep drop in ratings that its shows have experienced since Election Day has raised eyebrows, precisely because corresponding shows on MSNBC and CNN have not experienced the same precipitous decline.
Just how much of a drop are we talking about? According to Nielsen data, Fox News’s prime-time monthly audience fell to its lowest level in twelve years in January among the 25-to-54 demographic. Daytime Fox News programming likewise saw its lowest monthly ratings in this age cohort since June 2008. Even the network’s two biggest stars, O’Reilly and Hannity, have not been immune from viewer desertion: Hannity lost close to 50 percent of his pre-election audience in the final weeks of 2012, and O’Reilly more than a quarter. The slide hasn’t stopped in 2013, either. Compared with a year ago, O’Reilly’s February prime-time ratings dropped
26 percent in the coveted 25-to-54 demographic, his worst performance since July 2008. Hannity’s sank even further, to the lowest point in his show’s history.
As Wald points out, short-term ratings snapshots can be deceptive. But in the weeks following Obama’s 2009 inauguration, Fox News’s viewership actually surged, averaging 539,000 prime-time demo viewers versus 388,000 and 357,000 for CNN and MSNBC, respectively. This past January, however, Fox could only muster 267,000 average nightly viewers—a 50 percent drop from that 2009 level, and not much more than MSNBC’s 235,000 or CNN’s 200,000.