Technological progress in industries has led to the demise of companies and whole business sectors throughout history.
A classic example of the collapse of an industry caused by technological advancement was the death of the video retail sector as video streaming services took hold in the mid-2000s.
The popularity of home video systems and VHS tapes in the 1980s led to a proliferation of video rental stores and the launch of Blockbuster Video in 1985 and its top competitor Hollywood Video in 1988.
By the mid-2000s, DVDs had overtaken the VHS format just as video streaming was developing. By 2010, as streaming began to expand and the price of DVDs was plummeting, video retail stores faced financial distress.
Hollywood…