Series 1 saw the format faced with a rocky start, but it was streamlined and improved from the second series onwards. The programme was also moved from a Thursday night to a schedule slot on Wednesdays to stop it clashing with Question Time.
Last year's run, broadcast between May and June, attracted an average of a million viewers an episode.
It is thought 10 O'Clock Live was expensive to produce compared to other topical comedy formats.
The broadcaster is now "actively looking" for shows that "can build on 10 O'Clock Live".
10 O'Clock Live launched in a blaze of publicity, including a large advertising campaign. Below is the trailer which was used to promote the show: