The fall of Blockbuster and the rise of Netflix shows how important it is to stay ahead of the curve. Similar trends are dominating today’s industry, particularly in media and communication.
Television companies are a prime example here. Before streaming, major television companies such as CBS, ABC, Fox, and even NBC supplied somewhat limited content. They made decisions based on the lowest denominator, making them inflexible. People were forced into viewing timetables with overpriced packages, and were bombarded with generic content that appealed to the masses but lacked substantial value for niche audiences.
How Netflix Disrupted the Status Quo
Digital platforms such as Netflix, Amazon, and YouTube soon disrupted the status quo, by offering television shows, movies, and clips, on-demand for a price that nearly everyone could afford.
Companies such as Blockbuster, who offered a myriad of movies for an affordable rental price, were soon put out of business by Netflix, as they offered a one-time pricing structure but for a range of movies that you didn’t have to leave your house to return. Netflix has also created its own content, investing in its brand while refining its unique selling point. By doing this, they have not only experienced commercial success but established themselves as a behemoth within the entertainment sector.
Entertainment has to be Accessible
At the end of the day, entertainment has to be accessible. Even casinos have followed a similar trend, although not to the same extent as the TV and movie business. At one point, the only way to play a range of gambling games was to visit a casino. Now, you can play games online without having to leave the house, while getting live poker updates online, or in some instances, having them sent right to your phone through news outlets. The difference is, that casinos are very much still in business, even though the digital takeoff has radically transformed the industry. Why? Because casinos sell an experience, not just a product, and this is a key factor when you look at commercial success rates.
Agility is Everything in Business
It’s not just the entertainment industry that has to be agile to survive. The commercial world is full of companies who have not adapted quickly enough and paid the price. The rise of Amazon and free next-day delivery has put a lot of shops out of business. This is especially the case with those who either did not have an online store or who did not offer the option for delivery.
People naturally pivoted toward the more convenient, accessible alternative, and quite rightfully so. Although it is impossible for businesses to predict what the future holds, one thing they can do is look at trends. Trends will always pave the way to commercial success, as they indicate what people are looking for.
If you can take advantage of this, and stay ahead of your competition, there’s no reason why you shouldn’t be able to survive in this ever-changing consumer-driven world. It all comes down to anticipating trends, capitalizing on them and adapting accordingly.
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