First broadcast on NBC and later on ABC, the original "The Price is Right" aired in 1956. Bill Cullen hosted the initial version of the show from 1956 to 1965, and it involved four contestants wagering on merchandise worth several dollars to several thousand dollars.
In the original version of the show, players bid on items, and the player closest to the actual price without exceeding it won the prize. Viewers had the opportunity to participate by mailing in post cards with bids on items specially reserved for the audience at home. Though initial response was negative and NBC considered the game show a failure, it warranted a second season on prime time television in 1957.
In 1972, the game show went through a transformation. While four contestants continued to compete through a bidding process, they went on to play other pricing games for more lucrative prizes. In the latter part of 1975, "The Price is Right" expanded from a half-hour show to a full hour.
From 1972 to 2007, Bob Barker was the host, earning many awards and honors, including a Lifetime Achievement Award and Daytime Emmys. After Barker's departure, Drew Carey became the host of the show. "The Price is Right" is second-longest running game show, as of 2015.