Print media, traditional taxis… six industries at risk of extinction by 2040
Technology is changing consumer behavior, upending industries, and posing challenges to established business models in today’s fast-paced business environment.
The way businesses run and how consumers access goods and services is changing dramatically, thanks to developments in robotics, Artificial Intelligence (AI), e-commerce, and digitalization.
While these innovations offer convenience, productivity gains, and cost savings, they also pose challenges for established industries, forcing them to adapt or face obsolescence.
In this report Crispng.com looks at six industries that risk extinction by 2040.
Physical movie rental services
With the death of major chains like Blockbuster, the landscape of movie rental services has shifted dramatically. Traditional video rental shops are increasingly rare as consumers flock to streaming services such as Hulu and Netflix for their entertainment needs.
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Even new releases are now readily available for digital rental on platforms like Vudu and Amazon Prime Video.
Traditional taxi providers
The traditional taxi industry has been disrupted by the emergence of ride-booking services like Lyft and Uber. Consumers now prefer the convenience and affordability of booking rides through user-friendly apps, posing a challenge to traditional taxi providers who must reconsider their technology and pricing strategies to remain competitive.
Travel agencies
The role of travel agencies is diminishing as travelers turn to online platforms for trip planning and booking.
Websites like Expedia, TripAdvisor, and Priceline offer comprehensive travel packages, price comparisons, and destination information, while AI platforms like ChatGPT provide personalized recommendations and money-saving tips, leaving travel agencies at risk of becoming obsolete.
Print media
Despite lingering preferences for physical newspapers and magazines, the print media industry continues to decline in the face of digital alternatives.
With a sharp decrease in circulation, publications like The New York Times are shifting focus to digital subscriptions to sustain their business models, reflecting a broader trend towards digital consumption over print.
Print advertising
Print advertising is losing ground to digital counterparts due to the advantages of online platforms in terms of reach, targeting, and analytics.
Companies are reallocating advertising budgets towards digital channels, leveraging AI tools for automated analysis and content creation to enhance campaign effectiveness and customer engagement.
Brick-and-mortar retail
Brick-and-mortar retail stores are facing challenges from the rise of e-commerce platforms like Amazon, leading to a decline in physical storefronts.
To remain competitive, many retailers are expanding their online presence and adopting innovative strategies such as local pickup and delivery services to meet evolving consumer preferences.
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While technological advancements offer numerous benefits to businesses and consumers alike, they also pose significant challenges to traditional industries. Adaptation and innovation are essential for businesses to thrive in this ever-evolving landscape.
