Does the graph remind you of the newspaper and music industry? Image courtesy of Adobe Stock.
Several articles provide an in-depth view of the disruption taking place in several industries due to the IT revolution.
- Hollywood is ripe for the same creative destruction we’ve seen in music, newspapers, and publishing.
- New York Times is shrinking their physical space and staff size
- Prime time TV still having a rough time
The question to ponder in the back of your mind is what are you going to do when this wave of disruption overturns your industry?
January 2017 – Vanity Fair – Why Hollywood As We Know It is Already Over – Looking for a good article on how technology is going to do to Hollywood what IT has already done to music and publishing? If so, this is what you’ve been looking for.
Check out the article to help understand the massive change surrounding us.
Disruption of music industry
First, music and newspapers. The author saw his first indication the music industry would collapse when he started downloading music. Instead of driving to a store somewhere and spending $20 to get one song he wanted, he could spend a buck and get the song immediately.
Author says the music industry has shrunk by half in the last decade. Remember that is after the first round of disruption hit.
Disruption of newspapers
Next were the newspapers. For a long time, the web part of the New York Times was physically separate from the headquarters. “Banished” is the word the author used. At the same time, startups like Instapundit (yeah Professor Reynolds!) and DailyKos were figuring out how to blog. Then WordPress and Tumblr allowed anyone on the planet to start blogging, and doing so for free.
Author says a lot of people didn’t want to wander over to a newsstand and buy a whole newspaper or magazine when instead they could read the single article they wanted, online, for free.
To illustrate the concept, I’ve never bought a copy of Vanity Fair and doubt I ever will. I certainly didn’t drive over to Barnes & Noble to buy the current edition so I could read this article. A blogger I read (see above!) mentioned it and I clicked over.
The end result of the loss in audience?