NEW TPO 6 Why does the speaker mention digital photography?

[00:00.00](N) Listen to a talk in a business class.
[00:01.00](M-Am) Today, we’re examining the concept of disruptive innovation, a term coined by Clayton Christensen. Disruptive innovation refers to a process by which a smaller company with fewer resources successfully challenges established businesses. This typically happens by targeting overlooked segments of the market, offering simpler, cheaper, or more convenient products that eventually appeal to a broader audience.
[00:02.00]One classic example is the rise of digital photography. Traditional film-based companies dominated the market for decades. However, digital cameras initially targeted amateur photographers and offered a new, convenient way to take pictures. Over time, as technology improved, digital photography appealed to both professional photographers and everyday consumers, drastically changing the industry and leading to the decline of film companies.
[00:03.00]Another example is streaming movie services, some of which started as DVD rental services that mailed movies to customers. They disrupted the video rental industry by focusing on consumer convenience. Then as broadband Internet became more widespread, they adapted by introducing streaming services, further disrupting established brick-and-mortar businesses that rented DVDs and videotapes.
[00:04.00]Disruptive innovation often requires companies to rethink their business models and adapt to changing market conditions. Established businesses might fail to recognize the threat from new entrants until it’s too late. Understanding disruptive innovation is crucial for businesses that want to avoid complacency and stay competitive in a rapidly evolving marketplace.