Top 5 Businesses Adversely Affected By Technology

The Music Industry

The music industry was hit by the digital revolution of the nineties, and has never recovered from it. Napster, the first online music file sharing site, wiped out CD and cassette sales, and paved the way for the mp3 format to be the primary method of digital music distribution. Finding a physical CD shop nowadays is a challenge. ITunes and other legal music file sharing services have helped bridge the gap in sales due to piracy, but not enough to make a significant curb it permanently. This has lead to what some see as the bifurcation of the music industry into independent labels, which find and promote artists through sites like YouTube and Soundcloud with low marketing costs. Major record labels which spend a lot of money on creating an extravaganza. Artists now make more money from going on tour than from CD sales.

Newspapers

One of the first industries to fall to the rise of the internet was the newspaper industry. Most of the large newspaper companies have successfully made the leap to the online world; however, local newspapers have been less successful. The business models used by the online newspapers are varied, some make their money through display advertising, some use a paywall and some offer a combination of free and premium content. A business plan that is growing in popularity lately is native advertising, where the newspaper publishes content that is sponsored by a client in lieu of direct display advertising. This business model is being criticized for blurring the line between editorial and advertising content, but appears to be the way forward.

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