Producer for “American Idol” Files for Bankruptcy

Photo Courtesy of FanSided.com

Photo Courtesy of FanSided.com

The producer of American Idol has filed for bankruptcy less than a month after the final episode was aired, drawing the curtain on the 15-year run of a phenomenon that allowed viewers to choose which aspiring entertainers would fulfill their dreams and which would be consigned to obscurity, reported bloomberg.com

“The show was once a ratings juggernaut and huge profit driver for Fox. It averaged more than 20 million viewers every season from 2003, it’s second year on the air, through 2011, according to ratings tracker Nielsen.” In 2006 the show reached a high point averaging 31 million views. The show was also the top rated show for eight consecutive seasons.

According to Money.CNN.com “But its ratings fell hard afterward. By the end, it was no longer even Fox’s top rated program, losing that distinction to the new drama Empire. The final episode, which aired in early April, drew around 13.3 million viewers.”

“Despite its long-running success, however, the company has recently experienced deterioration in its financial performance, primarily attributable to the decline in ratings for American Idol and the corresponding decline in revenues from IDOLS- related broadcast fees, international tape sales for rebroadcasts, touring fees, sponsorships and IDOLS- related merchandise sales,” reported USAToday.com