Jimmy Kimmel knows the late night genre is due for a transformation as TV economics change with the rise of streaming, starting with reducing the projected $120 million budget for his own show.

“I don’t think there’s a reason for these shows to go away,” Kimmel said pondering the future of late night in an appearance at the Bloomberg Screentime conference on Wednesday. “These shows were a way to get high-priced talent for almost free. That was the whole trick. That was the whole reason they started these shows.”

“These shows don’t need to cost $120 million and somebody will figure it out,” he added.

The late night host…