With constant development in technologies, often ventures that seem like the next-big-thing get completely overthrown by something edgier or more affordable. But that’s just how things are in the cut throat world of business. One moment you’re at the top, and the next you’re lost in oblivion.
Today, we take a look at three companies that dramatically overpowered their rivals over the years to rewrite history.
A couple of decades ago, Blockbuster was top of the market, for it provided televisions, films and other media to enthusiastic viewers on rent. However, in 1997 when Netflix was founded, Blockbuster had to bid goodbye to the world of entertainment. Initially, Netflix was also founded as a rental service, however, as time went on it transitioned into the media streaming platform we know today. Netflix offered convenient viewing of television at reasonable service fees, and eventually in 2014, Blockbuster was liquidated.
From 2002 to 2005, MySpace was the largest social networking site worldwide. It even briefly beat Google as the most visited website in America. However, all of it changed when Facebook came into the scene. Facebook was based on fulfilling the demands of the users, unlike MySpace’s strategy of a portal. In contrast to an owner planning mandate by MySpace, the looser strategy adopted by Facebook gained more popularity and the viewer count of MySpace declined.
We all know how the iPod eradicated MP3 players, but the success of the iPhone goes beyond that. For many years, the Blackberry was a multifunctional device with strong control over the consumer market, especially because of its email features. However, later Apple came into the picture with a higher quality of design and a sleeker interface that Blackberry could not compete with. Although Blackberry made numerous efforts to keep up with Apple, they couldn’t sustain and eventually got wiped out.
Wrapping it up
Now that we’ve shared our list with you, do you agree that these products and services overruled their competitors over the years? What are some other products that have killed their competitors? Do let us know in the comments.