Louis CK Loses Millions

Someday, we'll all brag about how we paid for Horace and Pete, even though nobody's been buying the show:

As often happens with the web, there’s good news and bad news as television shifts online. The spirit of the age tells us that everyone should go it alone, that entrepreneurial individualism is more important than being part of a larger team, that we all need to unbundle.

But Louis C.K. has learned the hard way that it doesn’t always work. Even with a series that’s smart, well-acted, topical, and ambitious.

C.K.’s show “Horace and Pete” is about as close to the classic American theater of Eugene O’Neill as television offers. Taking place in a century-old, family-run Brooklyn bar, it’s a show in which politics, class, race, gender, gentrification, tradition, family turmoil, and various painful aspects of the generation gap are worked out in natural, unforced ways. The kind of conflicts and honest talk that a lot of shows wait half an hour to build to come every few minutes on “Horace and Pete.” It features actors as good as Steve Buscemi, Alan Alda, Edie Falco, and Jessica Lange. And while it’s certainly not a comedy, it’s often funny in a kind of uncomfortable and revealing way. (The bar’s policy of charging hipsters more for their drinks is one of several brilliant bits.) It makes a barroom-set show as good as “Cheers” look shallow.

It even has an intermission.

But C.K. has apparently lost millions on the show, which costs about $500,000 per episode to make. He sells his standup performances as audio files online – you can buy his Madison Square Garden show, for instance, from his website for anything from $1 to $85. Episodes of “Horace and Pete” costs between $2 and $5 apiece. And not enough people bought them.

Vulture doesn’t sound terribly sympathetic:

Not one to suffer silently, Louis C.K. went ahead and spread his financial burdens around on The Howard Stern Show today, revealing that making Horace and Pete left him several million dollars in debt. Basically, his debt is our bad, C.K. explained, because fewer people bought the show than C.K. was (literally) banking on.

So what went wrong? According to Variety, it turns out C.K. turned down a chance to offer the show to FX – where he has a first-look deal — for financing, hoping that his own visibility on television and on his site would drive traffic. He’s one of the biggest stars in comedy, but apparently it’s not enough to make a show with sets, actors – a piece of theater – pay for itself.

Louis isn't a businessman--he's a content creator. He's really good at it! People should give him lots of money to make things! Someone should have given him better business advice. You can't leave yourself exposed like this in a business run by thieves and vicious throat-stabbing ghouls. Television is an industry where decency and ethics are killed simply because they showed up to work one day.

And it really is too bad--when someone takes a big risk, there should be a government program that kicks in and helps them out. PBS should buy Horace and Pete and run it, warts and all, and not send any notes.

I got all of those sad E-mails, asking me to buy Horace and Pete. I'm sorry! I had shit to do. I feel bad now.