While it's challenging to predict the future with absolute certainty, there are certain businesses that may face significant challenges or become less viable in 2023 due to evolving market conditions, technological advancements, changing consumer preferences, and other factors. Here are five businesses that may not be a good idea in 2023:
1. Video Rental Stores: With the rise of online streaming services and the convenience they offer, traditional video rental stores have struggled to compete. The dominance of platforms like Netflix, Amazon Prime Video, and Disney+ makes it increasingly difficult for video rental stores to attract customers. Furthermore, the COVID-19 pandemic has accelerated the shift towards digital entertainment, making it even more challenging for physical video rental businesses to survive.
2. Travel Agencies: The travel industry has been significantly impacted by the COVID-19 pandemic and may continue to face challenges in 2023. With the availability of online booking platforms, price comparison websites, and direct booking options offered by airlines and hotels, many travelers prefer to plan their trips independently. The increased use of mobile apps and online resources has reduced the need for traditional travel agencies, leading to a decline in their relevance.
3. DVD/Blu-ray Production and Sales: As digital streaming services and online video platforms continue to dominate the market, the demand for physical DVDs and Blu-ray discs has been declining. With the convenience of streaming and the ability to access content anytime and anywhere, consumers are moving away from physical media. In 2023, the demand for DVDs and Blu-rays is expected to continue decreasing, making this business less profitable.
4. Traditional Bookstores: Online retailers such as Amazon, along with the widespread adoption of e-books and digital reading devices, have significantly affected the traditional bookstore industry. Consumers increasingly prefer the convenience of ordering books online and accessing digital versions, leading to a decline in foot traffic and sales at brick-and-mortar bookstores. While niche independent bookstores may still find success by offering unique experiences or specialized selections, the overall market for traditional bookstores is challenging.
5. Print Media: The decline of print media has been an ongoing trend for years, and in 2023, the challenges are expected to persist. With the widespread availability of online news sources, blogs, and social media, consumers have shifted their reading habits towards digital platforms. Print newspapers and magazines have struggled to retain readership and advertising revenue, making it difficult for businesses in the print media industry to thrive.
It's worth noting that while these businesses may face challenges, adaptation and innovation can still lead to success in some cases. Businesses that are willing to adapt to changing market dynamics, explore new revenue streams, and embrace digital technologies may find opportunities even within industries that are undergoing significant transformations.