Top 10 Dying Industries

Recently The Wall Street Journal reported on the “Top 10 Dying Industries” in the United States.

Except for the tux rental business, most of the targeted industries were obvious, where technology has made the old industry obsolete. Photofinishing, record stores, and newspaper publishers are a few (complete list below).

What is The Life Expectancy?

There are some industries that are shutting down slower than others. A key reason is habitual buying: consumers keep buying out of habit, inertia, or ignorance. Example: wired telecom providers.

It’s redundant to have a cell phone and a land line. Still, countless times I’ve heard friends say “But I’ve put my home phone number on so many school forms/neighborhood directories/resumes, I can’t possibly get rid of it.” And consumer reluctance to make a change is one reason why the wired telecom industry will die a long, slow death.

Other industries, however, are finding themselves on death row overnight. Video production services, which used to cost a small fortune to create a 30-second ad, can now be done on a Mac with Final Cut Pro, some lights and a camera. Because of this, there are more than a few highly experienced and talented artists looking for new careers.

The Worst Industries to Bet On in 2011

The complete list of dying industries recorded in The Wall Street Journal include:

• Wired telecommunications carriers
• Mills
• Newspaper publishing
• Apparel manufacturing
• DVD, Game and Video rental
• Manufactured home dealers
• Video postproduction services
• Record stores
• Photofinishing
• Formal wear & costume rental

My Predictions for 2012 Dying Industries

Other industries that are obvious choices that haven’t made the list yet:

• Printing
• Brick & mortar book stores
• Nuclear energy
• Discount gas stations
• Mortgage banking
• Post Office

In response to the WSJ article, DanN wrote:
“Dying industries look bad, but really it just means that capital is being allocated to more efficient industries (electronic books as opposed to paper books, for example). This should increase the standard of living for all b/c it increases productivity and allows labor to allocated to other tasks. The problem is that people are reluctant to change with the times and think their jobs screwing caps on toothpaste tubes should be there forever. This is an old and stupid way of thinking. Dying industries are not a bad thing but you have to willing to adapt (including acquire new skill sets) with the times. If not, you will left behind. People need to take responsibility to plan their own futures (and acquire the skill sets of the future) and not expect someone to give them a job.”

Yes, exactly. That is what adaptability is about. That’s what people do when their companies die: just like a cat, they twist around in mid-air and land on their feet. Somewhere. Which leads to my question of the day.

If you work in a dying industry, why do you stay with it?

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