TRANSITIONING INTO THE DIGITAL ERA PHASE

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The digital era with a bang, it was a time that brought about the transition to an era of change and transformation in Industries that existed at this time. While some businesses and Industries survived this period by adapting to this new change, some other businesses could not afford to compete with the transitions that this era had brought. We all know that not everybody or everything is susceptible to change, while some can adapt to change and create life changing experiences from it, some others fail drastically and fall to the bottom of the ladder.

In Nigeria, I remember vividly before the introduction of technologically advancement in the digital era we had products like video rentals, print Media's, traditional banking, cyber cafe and so on, but with the introduction and the incoming of the digital era, all of these were replaced with e-commerce, mobile banking, fintech services, streaming platforms, educational online platforms and so on.

One of the major businesses that I would say did not fully survive the era of the digital period Is the use of DVDs or CDs to to sell movies or dramas. Back then, Nollywood producers would make movies and sell them in DVDs so as to make income and profit for their services.

I remember when we used to buy movies in CD plates and it was cheaper and affordable. But with the advent of digital era, we now have streaming platforms for movies, musics documentaries and so on. These has helped to reduce the stress of having to go out and buy movies whenever we want to watch them. Hence, streaming platforms like YouTube, irokoTV, Netflix and other websites where movies can be downloaded has made producers become global in the movie industry.

Also, before the digital era, musicians had to produce music and sell their albums in CD plates but somehow most of these songs were pirated and mixed up by DJs. The digital era brought about streaming platforms that allows music lovers to download and stream musics from various music streaming platforms like Spotify, boom, apple music, etc.

Another industry that struggled during these digital era, would be the traditional banking because they had to compete with fintech companies that offer the seamless transactions for their customers. We would notice that during this period most banks were forced to close up or either merge with bigger Banks so that they could survive.

Hence, with companies like flutterwave, paystack, cowrywise, opay, optimus, afriinvestor, mobile banking and so on, transactions has been easy and accessible unlike during the times of traditional banking when you had to report physically to the bank for every transactions. However, some traditional companies adapted by upgrading the system and engaging in mobile banking and other financial services.

This is a part of my entry for the #februaryinleo prompt as organized by the @leogrowth team with great initiative that members of Hive you can participate in this prompt and tackle them as you deem fit.

Which business survived and which didn’t survive the transition to the digital era

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