Marketers have already had to adjust their strategies to adapt to real changes occurring in many relevant industries. What's the common culprit? Digital. The digital revolution has already transformed the music industry, moving us from CDs and terrestrial radio to MP3s and streaming music services. The publishing industry has been drastically affected, with digital effectively rubbing out generations of old newspapers and magazines. Even the film and television industry is seeing massive change as the advent of on-demand entertainment services like Netflix is making appointment viewing of TV and movies obsolete. So what industries are next?
Babs Rangaiah, VP of global media innovation and ventures at Unilever, tells iMedia what he thinks are the next big sectors about to undergo a foundational change. Will you be ready?
Education: Moving from the classroom to the internet
While it used to be a novelty, the idea and practice of online education is becoming a mainstream and accepted norm in today's society. The internet is transforming the education system from a brick and mortar institution to a convenient digital learning environment. Much like digital rendering appointment viewing obsolete with movies and television, it is also rendering appointment education obsolete for many busy students. On demand classes -- the times of which are chosen by the student -- are seeing a huge rise in popularity because it most closely resembles the way today's younger generation is used to experiencing life -- on their schedules. Institutions like Capella University, Kaplan University, and Everest University Online might not have the highest reputations in the academic world, but they are trailblazing a new method for educating the masses.
Financial currency: The rise of the digital dollar
The financial sector is in for a massive shift. Companies like Bitcoin are just the beginning. Why is digital currency gaining steam? Basically, its rise in popularity has to do with its simplicity, and because it's filling a peer-to-peer ecommerce need; the ability to conduct a transaction with a stranger over the internet without jeopardizing your personal information. What does this mean? It means that if I want to buy something from you online, but I don't trust you, digital currency allows me to conduct the transaction without actually giving up something of value (my credit card number for example). Right now, bitcoins work as a mix between a stock and a currency. There are a fixed number of them online and they are hard to get a hold of. The price is determined by the demand. And the best part is that there is no currency exchange and a very small transfer fee. For consumers and companies, this means simple transactions with limited liability.
While there are issues with digital currency -- it's unregulated, not backed up by a financial standard, and hard to purchase -- the rise of its popularity is indicative of a need to have a streamlined and simple digital world when it comes to commerce. For consumers, there is no reason currency shouldn't be simple and standardized across the globe. Digital currency is an attempt to solve these issues.
Babs Rangaiah explains to iMedia why he believes these two industries are in for major changes, and touches upon several more sectors that are currently seeing massive shifts.
Click here to subscribe to the iMedia YouTube channel!