The last video store in my neighbourhood is closing down. A few years ago there were six in the suburb.
Last year the US Blockbuster chain closed down its disk rental business and now the same thing is happening in Australia as people move from playing DVDs to streaming or downloading from the internet.
In a generation the video rental industry went from nothing to boom to nothing again; a classic case of a transition effect.
The rise and fall of the video rental industry is a cautionary tale of how yesterday’s hot new industry can become a dinosaur within a couple of decades.