Dubai – Masaader News
If disruption is defined as conventional firms being clobbered by digital ones, there is certainly some of it about. As reported by The Economist.
This month Toys “R” Us went bankrupt, joining many clothing and hardware retailers felled by e-commerce.
On August 23rd shares in WPP, an advertising firm, slumped after it said clients were cutting spending partly because of technological change.
A few days later Amazon closed its acquisition of Whole Foods, a food retailer, and cut its high prices, spreading fear in the supermarket industry’s aisles.
At least six conventional industries have been eviscerated by digital innovation in the past two decades—music, video-renting, books, taxis, newspapers and clothes retailing.
In financial terms the survivors are shadows of their former selves. The New York Times Company’s profits are 67% below their peak. It is a similar story at Barnes & Noble (76%) and Universal Music (about 40%).
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