The new economy has changed the way we do business. It had a large impact on media companies, however that will not be the extent of the disruption. Media took the brunt, which overflowed into other industries. If your industry has not been impacted, it likely will.
Companies who have evaluated their business models and evolved their businesses by creating and executing a disruptive business model have succeeded against all odds. At a minimum it may be a good idea to do the same. A historical model of success is not a predictor of future success. Just as traditional forecasting models fall short with disruptive technology, it also seems that traditional business models are less effective in a disruptive economy.
Saul J. Berman provides a number of new economy successes in “Not For Free”:
1. Video gaming has experience double-digit growth
2. Mobile is poised to explode
3. Google, Amazon, and Apple
4. Redbox (18 percent market capture of video rental market in just a few years)
5. Financial Times (Revenue growth despite suffering of their traditional competitors)
6. Pandora, Blyk, Spotify, Hulu, Gawker Media
These companies are game changers. In many instances they took an existing market and way of doing business and upended it. I suspect that the preceding success stories understood the five causes of the economy and business model disruption and embraced, rather than fought these causes and subsequent trends.
4. Spotify: https://www.spotify.com/us/
Photo Credit: Redbox