3 Industries That Have Struggled in Recent Years, and 3 That Are Thriving
As times change, so do various industries. Many factors can impact whether different industries fail or succeed. These include changes in the economy, new technologies, and the tastes of the people. Over the past few years, there have been some major changes to certain industries. Here are three that have struggled and three that have thrived.
These three industries have struggled over recent years:
Newspapers
Even if people need to know the national news, newspapers have struggled over the past few years. There are many reasons for this, such as an increase in free online sources and a lack of subscription revenue. While newspapers have an online presence along with their physical product, it still hasn’t been enough to keep them thriving.
Recording Studios
People used to have to go to a professional recording studio in order to record music and vocal work. However, as technology has changed, there are more portable options for this work. Now, more people can record at home instead of in studios. The required tools have gotten cheaper as well, meaning people can afford high-quality equipment to keep in their homes. While studios are still available, they aren’t nearly as popular as they were in the past.
Photofinishing
Photofinishing is not an industry that is often in the national news. However, it used to be essential and is now struggling to survive. Nearly everybody has a camera phone these days. These camera phones are more advanced than ever and include software that allows users to edit their photos themselves. This has allowed both individuals and businesses to do a lot of their photo editing in-house rather than hiring a professional. Photofinishing is still available, but it is nowhere near as popular as it was in previous years.
Meanwhile, these three industries have thrived in recent years:
Auto Mechanics
Cars have remained as important as ever. In fact, the global auto market is estimated to hit $52,397.5 million by 2027. The economy and technology changes don’t have a major impact on these numbers. During dips in the economy, people don’t want to buy new cars, so they maintain their old ones as much as possible. Then, as their situations improve, they still need mechanics to maintain their new cars. This has kept auto mechanics in steady business over the past few years.
Home Construction
No matter what is happening in the national news, people need places to live. And home construction companies are the ones building their houses. The home construction industry covers all of the services needed in order to build and maintain homes. This includes the contractors actually building the house, as well as those who put in the systems it needs. Over 21 million houses in the US use septic systems instead of public sewers. They need companies to take care of their septic systems. So, as long as people are living in homes that need to be maintained by professionals, the home construction industry continues to be strong.
Law
People have continued to need lawyers over the past few years, meaning the industry has stayed strong. Plus, as technology has grown, there’s been a need for new lawyers to specialize in these tools and the legal issues surrounding their use. This is part of why the legal industry has stayed so strong. Most other businesses need lawyers. In a 2016 report, Cornerstone Research found that 85% of misappropriation cases dealt with the business partner or employee of someone who had secret trade knowledge. Cases like this need to be handled by professionals, so lawyers have continued to thrive.
As society changes, so do the state of its various industries. By tracking which are struggling and which are thriving, it makes it easier to make decisions about your own life. So keep these six industries in mind as you consider which things are going well.
