Technology has been of great value to society. For instance, E-Commerce has provided SMEs with a medium to expand their business. It has also made information readily available to almost anyone, anywhere, at anytime. But inasmuch as we have benefited from the innovations technology has made possible, it has also made some of the things we have gotten accustomed to virtually obsolete.
In line with this, 24/7 Wall St. has put together the latest version of the Ten Brands That Will Disappear. It identifies brands which they believe will either be extinct or continue to be on the decline by the year 2011. Their projections were based on the current economic climate, assessing the current technology available, the company’s reputation, and the demand for their products.
One brand they predict will disappear is Blockbuster. Until the past decade, the video rental business has been considered a viable industry. This no longer holds true. In the United States, Blockbuster was the leader in the video rental business, but over the years, its revenue has fallen rapidly. Their business of renting movies has been destroyed by cable and satellite video on demand, DVDs via mail and dispensing machines.
The same thing could be said for their local counterparts such as ACA Video or Video City. Aside from downloading movies on the Internet, the movie rental business has also been greatly crippled by the sellers of pirated DVDs. For most people, it is more convenient to buy pirated CDs. Why bother renting for P30 when you can buy a clear copy of the movie for the same price? Also, pirated DVDs include the latest movies, unlike the original ones that come out a few months after it has been shown in cinemas. This has become a problem for them.
As a result, people are being challenged to become more innovative in the efforts of adapting to the changes technology has presented.