I can tell the difference between a 24 hour news channel and a 30 minute/15 minute news bulletin. Most of the population doesn't watch the news channel and their exposure is through bulletins, hence why the duration of those shows matter.
The top rating news bulletin on the big 5, gets just under 5.5 million viewers.
By contrast, the BBC News Channel has over 8.3 million viewers a week in reach terms.
As a whole, news output has about an 8% share of audience attention, the 4th biggest individual genre. (Other does not count as an individual genre)
The BBC News at Ten, rates around 4 million and creeps into the Top 30 programmes of the week for BBC1. ITV News at Ten does not reach the top 30, so rates less than 2.78 million.
Looking at all that evidence, I don't think the main 5 are as big in people's viewing habits anymore. But the news channels are also declining. Television is going to have to examine how news is presented on the channels. It has become more of a product, but maybe, the age of long form half hour news programmes is coming to an end. Maybe shorter programmes with shorter reports, might be the way forward.
I do think the BBC headline sequence is overlong and meandering these days though. I'm quite sure it's done that way for a reason, but my point was that if ITV gets in there with a fun alternative either before the news starts, or during a long sequence in which it cuts to the news in a region you don't give a toss about (not all areas, some worse for this than others) it afford ITV a flickover opportunity.
I think both channels opening teaser sequences are on the long side. The original News at Ten's opening teasers were done between actual bongs from Big Ben. The 1999 BBC News opening teasers were short and punchy. Details like that are often overlooked, but shortening those opening sequences to be more punchy and impactful might help, it certainly can't hurt.
It's hugely clutching at straws to present that as an opportunity for this chat show, but ITV's gonna need all the luck it can get.
We can see where the inspiration for this has come from, but those shows are presented after the local news, beginning around 11.35pm. There's no reason that ITV couldn't run it after News at Ten.