22 Industries that are becoming extinct in the next few years
We have seen several industries that have been wiped out since the advent of the internet:
Travel agencies (Expedia, etc)
Libraries, librarians (Google)
Letters (Postal) — due to email
Watches and watch repair (many)
GPS (Tom Tom)
Cameras (Kodak, Flip)
Book stores (Borders)
Electronics stores (Circuit City, Radio Shack)
Telephony (AT&T, MCI, Nokia, Blackberry)
Office supplies (Office Depot, OfficeMax, Staples)
Retailers (JC Penney’s, Best Buy, Sears, K-Mart)
This is just the beginning of large scale disruption that is happening. Industries are going to get destroyed like moths rushing into fire. Even the venerable Wal-Mart (closing almost 300 stores) is not being spared by Amazon and the onslaught of the internet.
1. Universities will become ghost towns. They have become unsustainably expensive; usually that is the last sign before death commences.
2. Textbooks will go with the Universities, of course. Thank God!
3. Schools and Universities will practically go away except some high-end research centers. Again, thank God. The two ways of learning: copying and failing will regain their central place in education ending the 300+ year nightmare where — largely — teaching happened without learning.
4. Kumon, Kaplan and similar supplemental education companies are going to vanish ending the ridiculous harrassment of young minds.
5. Companies will switch to hiring by competency and talent screening tests, not by degrees from Colleges and Universities. This will hasten the end of education as we know it.
6. Netflix is poised to replace pretty much all of TV shows and movies. TV shows because no one has the patience to sit through interrupting ads. Movies because they have become unsustainably expensive compared to equally good Netflix original movies (which are include as part of the $8.99 per month flat rate subscription!).
7. 3D printing will severely dent Chinese manufacturing monopoly.
8. Publishing industry is already vanishing.
9. News and Sports channels are going away.
10. AirBnB-like ideas will severaly reduce dependance on hotels. Hotels will become niche offerings for high-end vacations.
11. Webex-like disruptions will and are dramatically reduce business travel.
12. Airline tickets will become free subsidized by sponsors and ads.
13. Prosper and Lending Club like businesses will severely threaten banks monopoly for retail lending and pretty soon, mortgages.
14. The auto industry and rental car industry will be killed by auto-pilot cars and Uber-like intermediaries.
15. Restaurants will be severely affected by crowdsourcing of cooking and home delivery via drones.
16. Grocery chains will vanish.
17. Malls are already going.
18. Basic clothing and apparel will be replaced by 3D printing.
19. Healthcare will be transformed dramatically by robotic and remote surgeries, diagnoses and procedures. Number of doctors will be dramatically reduced, replaced largely by low cost nurses.
20. Analytics will drive out most processed foods, taking humans back to foods that are raw or organic. Processed foods will be replaced by prepared foods, mostly natural.
21. Jobs will make way to independent contractors and short-term and long-term mission-directed teams.
22. Much of repeat human tasks will get automated; so the “job or service economy” will make way to the “idea economy” (as James Altucher says).
These are a few that came to my mind in one sitting. I am sure I have missed many others. Can you please add industries that I have missed that you believe will be extinct or near-extinct soon? Also, if you — for some reason — disagree with something in the list above.