The World’s Fastest Dying Industries
Here today, gone tomorrow. Are you working in an industry that could put you out of a job the next day?
Over the last decade, various industries like photography, CD & DVD manufacturing, retail stores, and publishing have been slowly going out of business due to changes in technology. Innovation, overseas outsourcing, changing consumer preference, and a new digital landscape have contributed significantly to the success and failure of small and big industries.
As these industries slowly fade into obscurity, hundreds of thousands of people are being left without jobs.
The world’s fastest dying industries include:
Newspaper and magazine publishing
The proliferation of digital news media has caused the downturn of one of the fastest shrinking industries, the publishing industry.
Newspaper and print media circulation took a nosedive due to the widespread popularity of online news sources and a loss in advertising revenue. Major newspapers are focusing on digital presence to win back the audience.
But this stills means a loss of jobs for printers and graphic designers. Oh, and don’t forget the newspaper delivery men.
Pay TV and subscription TV
The wide availability of digital media and online streaming services is causing subscription television and DVD manufacturing to become obsolete.
Recordable media manufacturing
Digital and on-demand technologies have made CDs and DVDs virtually obsolete.
Easy access to digital content will continue to grow and recordable media is expected to see a decline in revenue over the next few years.
Appliance repair shops
With appliance prices continually dropping due to lower production costs, consumers will find little need for shops to repair their phones, computers, and electric appliances as they find it easier and more cost effective to simply purchase a new appliance.
The apparel industry is facing steep competition due to cheap imports and knockoffs. Cheaper labour abroad has caused many companies to outsource manufacturing operations while robotic automation has also put thousands out of work.
Who needs to go to the shops when you can do your shopping online? Brick-and-mortar retail stores are closing stores across the nation as they try desperately to survive amidst the endless supply of online stores.
If you want to stay relevant and keep your job or business, you need to join the right industry.
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