TBS’ renewal of “Conan” through 2014 makes sense — despite the show’s relatively low viewership.

Industry experts say that “Conan,” which launched in November 2010, still makes money for TBS, despite averaging just over 1 million total viewers. (It does better in the younger-skewing demos.)

“They paid an awful lot to get [Conan O’Brien] two years ago — it was good for the network,” says Gary Carr, senior VP/executive director of National Broadcast for TargetCast.

“And it doesn’t cost a whole lot of money to produce a nightly talk show.”

Carr also says that “The Big Bang Theory” repeats on TBS have helped “Conan’s” numbers lately.

“I said it at the time, and I’ll say it again — getting Conan was a great move for TBS,” he says.