There was a time when the CD ruled, ousting the tape cassette and vinyl records, but now it's days are numbered. It's quickly becoming a relic of the past, being replaced by iTunes, Spotify and Pandora. Recently, we happened across a video that highlights how physical products are fading away. Take a look:
The part that really caught our attention was when Lou, the record shop owner, said:
The physical goods are fading away, but I don't think that they're ever gonna go away.
Lou is right. There will, after all, be a need for physical products because not everything can go digital. At least, not yet. But the video highlights something important. Consider this: when the CD came out it was the go-to technology, the innovation that changed an industry. Then Napster came along and changed it again. Then iTunes and so on and so on. Now the CD is fading away.
This isn't just one thing replacing another. No, this is innovation at work.
Think about it for a sec. The CD innovated on how we listened to and carried our music with us. Napster innovated on how we got our music. iTunes took it a step further by marrying the purchasing with music with a device, making our music even more portable. Other music services came along making how we store and carry our music even better. They took the best of what came before and improved on it.
In other words, products don't really fade away. They get innovated into the next big thing, the next great product.