Companies and industries that can’t keep up with changes in technology or demographics or the internet are getting hit hard.
A few more hits to the old way of doing things:
- collapsing price for taxi medallions
- tricks to hide low TV audiences; gaming the ratings
- more closures of Sears stores
- Toys ‘R’ Us files for bankruptcy protection
The wide use of Uber and Lyft has affected the taxi industry. As one measure of the technological disruption, consider the price of a taxi medallion in New York. One cannot operate a taxi there without a medallion.
There is apparently a thriving business, or at least there used to be a thriving business, in buying a medallion and then renting it out to someone who wanted to drive a taxi.
The market for medallions has collapsed. Consider the following graph by Mark Perry, described in a tweet on 7/6/17.