Businesses do not remain the same for all time. Let’s see, how many lucrative typewriter making companies are around today? As technology advances and customer needs change, business, too, undergo changes, sometimes drastically. A prominent example is the news industry. News is an industry people cannot do without. Regardless, many print newspaper companies are seeing a downturn because of increased presence of online blogs and news aggregators. Likewise, here are several examples of established industries currently undergoing drastic changes:
Once one of the most lucrative businesses around, people hardly hear about “big tobacco” anymore, largely thanks to the scientific research showing the harmful health effects of smoking tobacco-based products. However, this industry is not obsolete. While smoking has plummeted in industrialized nations, it still persists in many developing regions, especially in South and Southeast Asia. So, you can still find advertisements for best cigarette brand in counties like Bangladesh and Indonesia.
However, on a grand worldwide scale, the tobacco industry is undergoing incredible changes. Tobacco has little use other than for smoking. However, smoking doesn’t necessarily require tobacco. Therefore, many tobacco companies are revamping themselves instead to sell the electronic best cigarette brand. the e-cigar industry is booming as consumers attempt to wean off tobacco and adopt healthier habits. Therefore, electronic seems to be the direction tobacco industry seems to be heading.
In the nineties, arcades dominated the gaming industry. With the popularity of the personal computer, PC games became immensely popular. And then came gaming consumer electronics like the Xbox and PlayStation. Now, the multibillion dollar gaming is undergoing another major change: apps. Consumers are less and less interested in buying separate gaming devices or expensive gaming computers, mostly because they can easily play games on handheld devices, like tablets and smartphones. The casual gamer wants apps. So, for the gaming industry to be lucrative in the future, web and mobile apps are where the money is.
For-profit education in the past meant printing textbooks and supplementary materials to help student prepare for examinations. Now, with the advent of e-readers and digital books, printing is becoming a thing of the past. However, internet and web applications now seem to have an even bigger impact on education. Most traditional classroom-based courses are now moving online to MOOCs, which stands for massive open online courses. Already, well regarded institutions like Stanford, Harvard, MIT and King’s College London have unveiled MOOCs designed for the general public.
As you can see, technology is rapidly changing some industries. Then again, business has always been defined by change.