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Brands Need to Be Faster to Stay Alive

I don’t think anyone is surprised that the speed of life has consumers demanding instant gratification. In the past, if you wanted to watch a movie you had two choices: go to a movie theatre or sit down in front of your TV. But you were stuck with a small selection of maybe two to five movie choices. The next evolution was video stores – remember Blockbuster? You could select from the 100s of new releases or old favorites as long as you had a video player to view it. Then the next innovation was video-on-demand cable but the big game changer was Netflix who went from rent-by-mail to online – hundreds of movies anytime, anywhere for a low cost monthly fee. The selection process went from hours of planning down to minutes and seconds. It took 25 years for Blockbuster to go from one store to 9,000 locations and $800 million in late fees to bankruptcy. While in less than 15 years YouTube has users watching 6 billion hours of video each month and uploading 100 hours worth of video every minute and along the way has made many people famous.

 

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