Tonight Show tanking in key 18-49 demo?

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"The Tonight Show With Jay Leno" is pulling a smaller number in the advertiser-coveted adults 18-49 demographic than when Conan O'Brien hosted the show last year.

In fact, this summer is the lowest-rated "Tonight" on record, though such feats have become increasingly common on broadcast across the board.

Since the end of the broadcast season, Leno is averaging 3.8 million viewers and a 1.0 adults 18-49 rating. That's a 12% improvement in total audience compared with O'Brien, though off 23% in the demo and down in both measurements compared with Leno's performance two years ago.

His percentages greatly improve if comparisons begin a few weeks deeper into the summer so "Tonight" is not facing O'Brien's opening weeks hosting the show, though O'Brien is tops in the demo either way.

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