Great technologies cause disruption in industries. It is evident in every aspect of our everyday lives. Steam engines and Internal combustion engines did it to horses and humans (for powering machines). Automobiles displaced horses for transport. Desktop publishing displaced traditional publishing. The CD to the cassette tape. MP3 to the CD. Crunchy Nut cereal to regular cornflakes.
I could go on, but i would be simply copying the entry on disruptive technology in Wikipedia, which of course, has an extremely thorough entry on disruptive technology. Of course, i should add one last example though, wikis displacing encyclopedias.
In recent times, the industries that have been hardest hit (i should say the biggest or most well known industries, as lots of small ones have been hit also but would not be as well publicised) by disruptive technologies or innovations are:
Music
Telecommunications
Television
Music is the best known case, and Napster was its name. Traditional music retailers who haven't packed it in already, such as HMV, are in a dog of a position. They need to innovate now or face oblivion. Telecommunications companies are feeling the effect of Skype, and mobile operators will feel it the most when broadband arrives on mobile phones. Television audiences continue to fragment and companies such as Youtube, Narrowstep and Brightcove will further make the internet the prime place to watch video.
So who is next?
Here is my list:
Advertising
Video Production
Website Design
Fashion
The first two are pretty easy to identify, but the second two may be a bit ahead of the curve. Rest assured these sitting ducks will feel the effects soon. More in my next post why!
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