Likewise, television and film producers, book, magazine and music publishers are finding it harder and harder to keep their companies afloat. And that has had a massive affect on the broadcasters, printers, duplicators and packaging companies that rely on the producers and publishers.
The problem is that the road turned so rapidly that many media creators and distributors missed the signs as their business dissolved right in front of their eyes. That is not to say that they did not put up a fight by creating websites and introducing technological changes to their businesses. They did. They updated their computer systems and made their organizations more efficient. But that could not protect their companies from the most fundamental and sweeping change to global business – the consumer changed!
Most businesses are still geared towards selling goods and services to Baby Boomers. The problem is that Baby Boomers are not the predominant buyers of goods and services in America anymore, it’s the 15 to 35 year old children of the Baby Boomers that are consuming most of the music, books, games, movies, television shows and software. And their lifestyles and buying patterns are very different than their parents. If anyone still believes that the next generation is going to wait around to see a movie in the theater, and then run down to the store to buy the DVD, and watch it again on HBO, then they are just not paying attention. This generation wants its entertainment when they what it, and where they want it.
So, what do you do about it?
Go digital. You need to find new ways to monetize and disseminate your content that are radically different than you have in the past. The road turned. So what. Turn with it. You need to get right into the consumer's mind via their iPhone, pad and notebook to satisfy their need for massive stimulation. This generation grew up on video games, YouTube and reality TV. They want entertainment -- and lots of it. You know what you need to do. If you don't, there is no shortage of social media and new media consultants to help show you the way.
While there is still a market for books, DVDs, and in some cases, CD's, mostly when selling programming to an older demographic; I'd put my money on digital platforms and on-demand entertainment. That's where the road is taking you.