We are living in very interesting times because, in the next five, 10, 15 years, a lot of jobs, industries, and businesses today are going to be extinct. It is so scary out there for some of the bigger companies, but it’s also really exciting for the smaller, nimble companies and entrepreneurs that are coming up. Why? Because we’re about five, 10, 15 years away from somebody coming out with an idea that is so disruptive it’s going to make them a trillionaire.
Patrick Bet-David has identified the industries that will face massive disruption in the coming decades. We aren’t talking about the obvious ones such as publishers, newspapers, magazines, cashiers, travel agents, manufacturing workers, bank tellers, taxi drivers, radio, and gps. These are industries that you need to be aware of and look out for disruption.
“I am very comfortable being wrong with every single one of the predictions that I made, but I don’t think I’m wrong with every one of them.” – PBD
Industries Facing Massive Disruption
- Patrick is not talking about high-end restaurants, those will survive because people will always want a complete fine dining experience. What is going to change is on demand chefs. Chefs are not for rich people anymore. Real food, not takeout, delivered to your door or made in your house by a real chef. Fast food won’t be able to compete because everyone sees it as unhealthy and a worse experience than a chef coming to you.
- The large empty, standalone theaters are no match for the streaming services we have at home. From 2009 to 2017, Americans bought 200 million fewer movie tickets. It’s already happening! High-end ones will survive because of the experience they offer, but those big chains better pivot soon.
- In the near future, you are not going to need to pay for your smartphone. Sounds crazy right? But what is the point of paying one hundred bucks a month for a phone number when you can get calls for free over the internet using apps like Skype and Facebook? You are going to start paying for data only and that is significantly cheaper than paying for a real phone number.
- Patrick believes in the next few years, families won’t have two or three cars. Why? Because someone will just come to pick you up and take you where you need to go. Pretty soon after that, it will be a self-driving car doing it. Driving yourself will become a luxury, and the luxury car market will survive. Regular cars are going to be extinct.
- What is the point of holding your money if it is all digital? We won’t need wallets because we can tap our phone or use our thumbprint to pay. There won’t be a need for wallets in the next few decades.
- Amazon is the most dangerous company in the world to competitors. Retailers have become showrooms because of Amazon. You go to Wal-Mart, take a picture of the product, and the Amazon app tells you they can get it to you in an hour for twenty-percent cheaper. Retailers are done.
- If you are an underwriter, right now, you need to figure out a way to become an analyst. The big carriers are hiring analysts to drive costs down and circumvent underwriters. Underwriting is going to become automated.
- Billionaires are buying media outlets and not because they are profitable. Bezos bought The Washington Post to have influence. Journalists are going to flock to the outlets that have the biggest pockets and work for the people that have the most influence.
- College sports programs need colleges to exist, and college sports programs fund colleges. The sports programs at many colleges are going to need to change to keep that relationship going. Because all that has to happen to blow up college sports is for leagues to pop up that offer young kids real money for their talent. They don’t need to go to college anymore to compete at a high level, and they get paid. College sports can’t compete with that financial opportunity and the promise of a four-year degree is becoming more and more meaningless.
- With the way that energy and car sales are going, gas stations will become a thing of the past. They are not going to need to exist because no one will need those services. Investing in gas stations is a bad idea right now.
- Politics is about to change in a major way. You think the last campaign was crazy? That was done by a 69-year-old man. Wait until it is done by a 35-year-old who knows everything about social media. You have to be aware and ready to pivot.
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