It may turn out that adapting involves such a dramatic change that these industries won't be recognizable anymore. Take a cue from the dying breed that is newspapers - the longer you wait to adapt the more ground you lose in the meantime.
I caught a radio interview the other day with a former technology consultant to one of the regional newspapers in my area. He pointed out very specific places where the papers were losing out to other media, where he had made suggestions to turn those areas around, and where those ideas had been soundly rejected by editors who refused to budge from a position where the daily printed hardcopy was king above all.
If they had been willing to break big stories live on their website rather than waiting until a morning or evening printed edition, they might have survived. If they had been willing to offer complete archives of all articles online, rather than a limited selection and a limited timeframe, they might have survived. If they had been willing to re-think the classified ads to integrate the printed ads with an online listing they might have survived.
Where did that position get them? In the past year almost every single newspaper in my area has been forced to abandon daily printing. Now the website that they treated like a bastard stepchild is their primary means of delivering their product. As a result, they're years behind and they have no clue how to catch up. I think that a majority of them will not survive.
I caught a radio interview the other day with a former technology consultant to one of the regional newspapers in my area. He pointed out very specific places where the papers were losing out to other media, where he had made suggestions to turn those areas around, and where those ideas had been soundly rejected by editors who refused to budge from a position where the daily printed hardcopy was king above all.
If they had been willing to break big stories live on their website rather than waiting until a morning or evening printed edition, they might have survived. If they had been willing to offer complete archives of all articles online, rather than a limited selection and a limited timeframe, they might have survived. If they had been willing to re-think the classified ads to integrate the printed ads with an online listing they might have survived.
Where did that position get them? In the past year almost every single newspaper in my area has been forced to abandon daily printing. Now the website that they treated like a bastard stepchild is their primary means of delivering their product. As a result, they're years behind and they have no clue how to catch up. I think that a majority of them will not survive.
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