Media has come a long way in the last ten years. Consumers now have the ability to download movies, television shows, music, books, and newspapers to their computers and instantly enjoy them. Companies producing and selling tangible media such as CDs and DVDs are falling behind in sales with many unable to compete against digital sellers.
Perhaps the most notable example occurred in late 2010 when video rental store Blockbuster was forced to file for bankruptcy. Though legal statutes will cut the corporation’s debts to 10% of what is owed, they are also closing over a third of their store locations, all while media giants such at Netflix and Hulu continue to rise in popularity.
But what makes digital media so enticing? Years ago it was theorized that the publishing industry would never go out of business because people like to have something they can hold in their hands, but in 2010, sales of Amazon’s Kindle reached record levels, and ebook publishers sold billions in digital print. Clearly, consumers have moved away from wanting something tangible, and digital media provides a few extra perks traditional competitors cannot offer:
- Low Cost: While some companies are able to charge for the convenience of having a digital product, most digital media is cheaper than its counterparts because it costs less to produce.
- Convenience: While you would have to drive to a physical location and purchase a tangible product, digital media can be obtained in minutes and consumed instantly.
- Portability: It’s difficult to create a format for DVDs, CDs, and even books that is versatile enough to fit many different travel situations, but most digital media can be ported between computers, notebooks, and mobile devices with ease.
Traditional media hasn’t died completely, but even companies that are still keeping afloat are only doing so by adopting digital media into their sales plan.