SPH to restructure media business into not-for-profit entity.Read more at TodayOnline
I read with interest at another incumbent that become casualty of digital transformation. I also learn a new word “umbrage”. Once upon a time, this incumbent monopolise the entire media industry in Singapore. Now, we watch with dismay at its demise or struggle. The newer generation will not have any emotional attachment as they have grown up without the need of TV and newspapers.
Will we Learn our Lesson?
Digital disruption is a norm now. Publisher, banks and media are some of industries facing major change in digital transformation. Content can be digitalise and created by anyone anywhere. There is no longer a monopoly to content creation, storage, delivery and to generate revenue. As the content platforms grows nimbly and speedily, these incumbents remains entrenched and defensive to transform. Lessons are often not learnt from history.
Learning as Individuals
The demise of these incumbents are good motivator for individuals to keep learning. We must not trust that our skillsets will remain relevant. It is important to stay on our toes and be aware of the digital trends. Always stay ahead instead of being forced to be eliminated as a “not for profit”. Lastly, do not take umbrage if you are confronted on the truth of being obsolete!