6 Industries That Won’t Exist by 2040
Written by
Ashley Donohoe
Edited by
Daria Uhlig
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From robotics and artificial intelligence to e-commerce and digitalization, many advancements are affecting how businesses operate and how customers get everyday products and services. Although such technologies can offer convenience, boost productivity and save money, they can also leave many long-standing industries at risk and struggling to adapt.
Parent Portfolio recently reported on industries that could be on their way out. Here are six that likely won’t exist in their current form by 2040.
Physical Movie Rental Services
With major chains like Blockbuster having already gone out of business, finding traditional video rental shops is more challenging and often not even necessary. Many customers now prefer the convenience of watching content on streaming services such as Hulu and Netflix. Even new films are available for digital rental on Vudu, Amazon Prime Video and other platforms.
Traditional Taxi Providers
Calling or flagging down a taxi was very common before ride-booking services came along. But now with Lyft and Uber, you can conveniently book rides on an app and often even pay less than a regular taxi service would charge. Traditional taxi providers will need to reconsider their technology and fares to avoid going out of business.
Travel Agencies
While travel agencies are still a helpful source for trip planning, they’re at risk thanks to technologies that let travelers do everything themselves. Browsing travel packages, comparing prices and researching attractions is possible through websites such as Expedia, TripAdvisor and Priceline. Plus, ChatGPT and other AI platforms can answer trip questions, suggest itineraries and give money-saving travel advice.
Print Media
Some customers still prefer physical newspapers, books and magazines. However, the print media industry continues to decline due to the popularity of websites and other digital media. The New York Times, for example, has seen its weekly circulation decline by nearly two-thirds in the last 10 years, to 670,000. However, it has 9.41 million digital subscribers and expects to have 15 million by 2027.
Benefits such as lower costs, convenience and interactivity will likely continue to push customers toward digital options and reduce demand for print publications.
Print Advertising
Print advertising is at risk because of the advantages of digital advertising and the popularity of digital media platforms. Rather than paying for expensive magazine ads or billboards that a limited audience will see, companies can reach unlimited customers online. In addition, they can more easily target their ads and track their campaign results using online services. AI tools can also help automate analysis tasks, content creation and customer support.
Brick-and-Mortar Retail
While they probably won’t be gone completely by 2040, certain brick-and-mortar retail stores are becoming less common due to online shopping. For example, e-books and websites like Amazon have led to a decline in physical bookstores. To stay competitive, many retailers have started selling products online or offering local pickup or delivery services.
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