They could feel it coming, but they couldn’t exactly see what was going to happen to them. Before they could react, a major part of their business disappeared and another large chunk of it was transferred to a new competitor. This is the experience of the music industry from 2002 to 2012 that was detailed by Thibaud Morin, SVP Innovation at Vivendi, during the keynote speech of Celent’s conference What’s Next: The Search for Disruptive Innovation.
The final result? In 10 years, the music industry lost $10 billion in revenue and $7billion of the remainder was transferred from existing, incumbent companies to new digital providers (most of it to Apple).
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