Top 10 'dying' industries: list no one wants to be on, or hidden opportunities?
IBISWorld, a business research organization, just published a top-10 list that no one would logically clamor to be a part of -- the top 10 dying industries:
| 2010 Revenues ($m) | Decline 2000-10 (%) | Forecast Decline 2010-2016 (%) | |
| Wired Telecom Carriers | 154,096 | -54.9 | -37.1 |
| Mills | 54,645 | -50.2 | -10.0 |
| Newspaper Publishing | 40,726 | -35.9 | -18.8 |
| Apparel Manufacturing | 12,800 | -77.1 | -8.5 |
| DVD, Game & Video Rental | 7,839 | -35.7 | -19.3 |
| Manufactured Home Dealers | 4,538 | -73.7 | -62.0 |
| Video Post-Production Services | 4,276 | -24.9 | -10.7 |
| Record Stores | 1,804 | -76.3 | -39.7 |
| Photo Finishing | 1,603 | -69.1 | -39.1 |
| Formal Wear & Costume Rental | 736 | -35.0 | -14.6 |
Source: IBISWorld
IBISWorld says that within its database of close to 700 industries, about 200 are in their decline phase. The 10 industries identified above are the 10 that "may be on the verge of extinction in the United States." Not a very upbeat list at all.
However, creative destruction also creates unexpected opportunities as well -- especially for people who do not subscribe to the conventional wisdom. As the big, high-margin players exit a market, it creates new gaps for new innovators to fill with more targeted or inexpensive solutions. After the US steel industry was given up for dead in the 1980s, entrepreneurs came on the scene with small, lightweight mini-mills that created specific products for their niches. The magazine publishing industry was given up for dead once before in its history -- only to come roaring back with specialized niche and trade publications. The beleaguered video rental business also gave itself some second wind by moving into game rentals.
Any readers have ideas how industries in this death list can be reinvented? Perhaps newspaper publishers can lease out their well-entrenched distribution networks to advertisers? Or are these industries too far gone? Are there any readers working within these or related industries that see a countertrend?
This post was originally published on Smartplanet.com