We are currently in an revolutionary era of technology marked by a period of rapid change and advancement in terms of how the world is connected and functions. These changes can be both good and bad, sometimes, this only becomes apparent in hindsight. For example, the onslaught of new technologies are putting many factory laborers out of work as robots have come to replace human workers. On the other hand, the technological revolution has led to an assortment of new jobs in a brand new sector, an unprecedented growth in our economy.
One byproduct of this caliber of new innovation is the tendency for many industries to become outdated and taken over by technological based ones. The term coined for this is a process known as digital disruption. This can better be defined as “a transformation that is caused by emerging digital technologies and business models”[1]. This process can unintentionally “impact the value of existing products and services offered in the industry”[2], hence receiving the name ‘disruption’ as changes occur in the current market due to its impact.
One example of this process would be how the online video streaming platform Netflix has come to almost replace physical VHS and DVD providers such as Blockbuster and Red Box. The source of consumers want changed, therefore the platform of production changed. Another example would be Kodak not keeping up with changing demands. Recent years have brought about digitization of the photo industry and gadget trend that Kodak did not market to, therefore, feeling the loss as digital cameras and increasing quality of phone cameras took over.
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[1] http://blog.oxfordcollegeofmarketing.com/2016/02/22/what-is-digital-disruption/
[2] http://blog.oxfordcollegeofmarketing.com/2016/02/22/what-is-digital-disruption/
