Drowning in Internet tsunami

Newspapers aren’t the only ones drowning in the Internet tsunami. Magazines, books, TV, movies and music have been inundated, too, among others. 

It has been a decade of what economist Joseph Schumpeter called “creative destruction.”

Newsweek technology editor Daniel Lyons writes:

“Newspapers are getting wiped out because they didn’t  realize they were in the information business. These companies are in the business of spotting what’s new, yet they were blind to the biggest change to hit their business."

Also: “The Internet robbed them of their mini-monopolies.”

To read how the Internet so rapidly and drastically altered so many industries, click on http://2010.newsweek.com/essay/a-decade-of-destruction.htm