Thursday, 24 August 2017

Transformed by the Internet


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.

We take a quick look at 5 industries radically transformed by the Internet. According to marketing expert Douglas Karr, these five industries are music, retail, publishing, travel, and transport.


Let's start with music


With physical sales largely redundant and digital revenue growth slow, many high street music sellers are facing the music and artists are now finding additional revenue sources in live gigs and music festivals. The power has now shifted from big corporates to consumers and artists.

Retail

The convenience of online shopping where items can be searched for, purchased and delivered with just a few clicks of a mouse has to lead to the death of the high street, with beloved brands having faced cutbacks or liquidation including HMV, Woolworths, and Blockbuster. In UK, one in 4 pounds spent at Christmas on entertainment goods went to Amazon

Publishing

Physical book sales are down as the popularity of e-readers like the Amazon Kindle continues to grow. Traditional publishers dealing in books, newspapers or magazines, have had to find new efficiencies to avoid becoming obsolete. The internet has also enabled the growth of self-publishing, giving authors greater control.

Travel

Holidaymakers are now saying bon voyage to the travel agent because there's no need for a middle man when you can book flights and hotels online and organize activities once you've arrived using your smartphone. The internet has also rocked the hotel industry by allowing people to rent out their own accommodation. Airbnb gets more than 4 million guests in a year.

Transport

Traditional cab drivers are being pushed aside as mobile apps make it easier for consumers to book their next ride. The internet has also given rise to a number of digital companies focused on transport, whether it's apps helping people to get around a city or urban planners tracking the movements of vehicles. Uber is said to have earned over 26 billion dollars in 2016.

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