Deep Thoughts On Creative Destruction:
Industries in Danger
Presently, there are a number of industries that have been on the decline from the effects of creative destruction. For example, streaming services like Netflix (NFLX), Amazon (AMZN), and Hulu have negatively affected brick-and-mortar movie and gaming rental stores, as evidenced by massive store closings. I can’t remember when last I attended a cinema house, perhaps in 2018 in GRA Port Harcourt. Additionally, the low cost of these streaming services is even causing consumers to reconsider the high costs of Cable TV or subscriptions.
Data recovery services will also continue to take a hit as cloud-computing services are seeing appreciable growth. Google Drive, OneDrive, etc., are there as every silicon giant wants you to store your own data in their cloud storage, in preference to you storing your data in your bedroom.
Recordable media like CDs and DVDs will also fall victim to digital and streaming services as storage space and accessibility via mobile devices are superior. A few years ago, CDs and DVDs slapped and fired Diskettes out of assembly lines and markets, exactly what Diskettes did to tape drives. Flash memories fought DVDs/CDs and seem to be winning more markets – Creative Destruction.
Digital photography and film have also harmed photography lab services, including development and restoration, as demand for physical film is declining. Palmtops, Smartphones, and tablets have cameras and can snap anywhere, anytime, so you may not need a photographer to cover your events in still or motion pictures.
Even more concerning is the emergence of 3D Printing and its potential influence on various manufacturing industries. The ability to print objects or machines that would normally be produced on an assembly line may have a massive impact on employment in particular manufacturing industries.
There’s DI (Direct Imagining) destroying the system of plaiting in printing. Direct Imagining requires you to set your work on Computer and from there, fire onto the printer – creative or innovation destruction.
IMPLICATIONS TO YOU AS A LEADER
In my previous meditation/writing, I was emphasizing COMPETITION. Now add up: the cheese is moved per second. Creative Destruction is a serious and prevalent concept and is a necessary component of doing business NOW. As long as we live in a capitalist society, competition and innovation will force businesses to progress to develop the ideal product or service. Subsequently, it will hurt those who remain stagnant and will reward those who are able to plan and adapt around these transformations. The landscape of business will undeniably change, but how it evolves will be an intriguing course to behold. We’re all watching.
Be ready to be on the move for the next revolution. Invest in your mind lavishly. Think, think, and think, perhaps you can lead the next creative or innovative destructions.
Mike Ihezuo is available to help you THINK and to SPEAK to your people, in his characteristic manner of helping businesses and people grow.
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