The disruptive impact of the Internet on several industries has been talked about to a great extent already. However, it’s surprising how most of these discussions fail to take into account the fact that Internet is actually re-shaping these industries, It’s helping remove unnecessary processes, creating new revenue channels, bringing in more and more transparency, enabling customers to make smarter choices, and reducing the barriers to entry in the market for innovative startups. The net result – industries are flourishing because of wider reach, lower operating costs, and ease of collaboration with related industries. Here are 5 industries that have been re-shaped by the Internet.
Video gaming, even though it continues to be a multibillion-dollar industry, has been vastly re-shaped by Internet in the past decade. Not only have web-based games come up as alternatives to offline gaming, but also offline gaming giants have had to raise their capabilities to make sure that their offerings are able to connect to the Internet, and offer enhanced experiences to gamers. Because of rapid enhancements in web development, it’s easy for developers to create visually enriching and beautiful online game interfaces. Online casino gaming, for instance, is a huge success story, with even seasoned players now preferring to stay at home and play at online casinos than undertaking expensive journeys to big city casinos.
Media and Entertainment
The Internet has been a massive enabler for the ubiquitous media and entertainment industry worldwide. Not only has it massively expanded the reach of the industry, but also created new channels of delivery. As a result, several media giants such as New York Times have been able to explore newer channels of revenue. Of course, lazy incumbents who did not make the move along with the growth of Internet have had to face the brunt. Several newspaper dailies, for instance, lost market share because of their inability to take their content online. From music streaming apps like Spotify to entertainment on demand from Netflix, the way the modern human consumes content has been altered forever by the Internet, and for good.
Uber and Lyft are two companies that have absolutely transformed the rented personal transportation market. The days of local monopolies of taxi players are now over. Cab aggregation services are now the backbone of intra-city movement within major cities of the world. Not only is this making automobile transportation accessible and affordable for the masses, but also help reduce the carbon footprint. Even on a corporate level, Internet powers transportation planning, route management, hours tracking, and so on. The future for the market is bright, as is more than obvious from the valuations enjoyed by the companies like Uber, TomTom, Lyft, and CityMappr.
Here’s a fact: Bank of America’s website is among the most popular websites in the world! Over 29 million customers of the bank use the online portal for their transactions. Whereas online banking used to be a ‘nice to have’ add-on with traditional bank accounts about a decade or so back, it’s the mainstay of the global banking system today. Not only traditional banking but also all kinds of financial services have been revamped because of the Internet. Services such as personal and business loans, insurance for personal and business assets, wealth management, investment advice, and tax planning – all are accessible, comparable, and available online.
The middleman in the travel industry has seen his world crashing down because Internet connects the service provider and the service seeker without the need for any broker or middleman unless he’s a valuable link in the chain. From flights booking to hotel booking, from travel planning to travel insurance, every possible aspect of the industry is now manageable online. Startups like Airbnb take things one step further, allowing anyone to start offering their home space for rental accommodation, creating a win-win proposition in the marketplace. TripAdvisor is another example of a platform that takes ambiguity and uncertainty out of travel planning, helping travelers across the globe.
There’s hardly an industry that has been left untouched by the impact of the Internet. Players that have been smart enough to grow alongside the Internet have had massive success, whereas others have been run over by this wave of World Wide Web.