Friday, May 23, 2014

The Future - The Digital Age

The traditional newspaper is in a death spiral. The troubles at the New York Times are just evidence that traditional newspapers will probably not make it into the digital age. This should not be a surprise. We saw this happen with the music business. When music transitioned into the digital age, the music labels began their death spirals. What we have today is a jumble of freelancers, smaller labels, digital retailers, streaming providers, and online retailers of physical CD's. The music industry has fragmented into a million pieces. That's what will happen to the "news" business. It is going to fragment into a million pieces and the newspapers will not be at the top of the heap anymore (if they even exist at all).

The digital age is about fragmentation and individualization. It will be about digital products and less about physical products. The Music industry went first and it will be followed by the book industry, the movie industry, and the news industry. In fact, any industry that can be affected digitally will be (I personally think that no industry will be spared the effects of the digital age). We are living through a major transition that will affect us all.

What do you think?