Innovation does come at a cost. Uber is negatively impacting the taxi industry. Internet radio is impacting broadcast radio and music on traditional media. On-demand video is impacting traditional movies. But what we’re seeing isn’t a transfer of demand, it’s new demand.
I always tell people that what’s happening isn’t one industry murdering another, it’s just that traditional industries were safe in their profit margins and slowly committing suicide. It’s a call to any traditional company that they must invest in new technology if they hope not to be run over eventually.
In the last two decades, the Internet revolution has destroyed traditional ways of working but has also created entire industries with countless opportunities for innovation.
CompanyDebt has created this infographic, Evolve or Die: 5 Industries Radically Changed By The Internet, which provides an overview the music industry, the retail industry, the publishing industry, the travel industry and the transport industry.
We're entering a new industrial era, fueled by the Internet of Everything, cloud and social media. It's also an unprecedented opportunity for CIOs to lead the change, creating business value and capturing new opportunities.