A
century ago, before the automobile industry, the buggy whip industry was
thriving. Before refrigeration, ice delivery was a booming business. Before
personal computers, typewriters were a steadily selling product. Before
MapQuest and GPS devices, it seemed there would always be a demand for printed
roadmaps.
History
teaches us that with every improvement in technology, and with every leap
forward for our standard of living, products that were once a stable source of
revenues and profits will suddenly become obsolete. With that in mind, let’s
look ahead and anticipate which industries are making today’s versions of
carbon paper and 8-track tape players.
According
to projections from research firm IBISWorld reported in Forbes1 magazine, 10 industries in particular
are in danger of becoming extinct:
Bowling
alleys face a continued
decline in business, with a drop in revenue of 5.3 percent expected between
2007 and 2012. Traditional bowling alleys can’t compete with the fast pace of
computer games, and they don’t appeal to young consumers with short attention
spans. Enrollment in bowling leagues is down, and the industry faces a
challenge that is as daunting as picking up a 7-10 split: trying to make
bowling seem “cool” in a digital world. The industry’s best chance to survive
is by upgrading old-fashioned bowling alleys into modern “entertainment centers”
that include trendy restaurants and video game arcades.
Game
arcades are not immune
from creative destruction, either. These businesses, which feature rows of
video games, are expected to lose 9.7 percent of their revenues between 2007
and 2012. The problem is that home-gaming systems have become increasingly
sophisticated, allowing the core market of teenaged males to play games in
their basements that are just as realistic and engaging as the ones found in
arcades, but without having to feed a steady stream of tokens into coin slots.
The
recorded music industry is clearly threatened by the digital revolution, with sales expected to soften
9.4 percent by 2012. Since 2003, when the iTunes music store opened, more than
2,700 record stores in the U.S. have closed. Rolling Stone2...
