What is meant by industry convergence? Explain with the help of a real-world example.
What will be an ideal response?
Student answers will vary. A sample answer follows:
Industry convergence is a process whereby formerly unrelated industries begin to satisfy the same customer need. Industry convergence is often brought on by technological advances. For years, many players in the media industries have been converging due to technological progress in IT, telecommunications, and digital media. Media convergence unites computing, communications, and content, thereby causing significant upheaval across previously distinct industries. Content providers in industries such as newspapers, magazines, TV, movies, radio, and music are all scrambling to adapt. Many standalone print newspapers are closing shop, while others are trying to figure out how to offer online news content for which consumers are willing to pay.
Industry convergence appears often in everyday life. For instance, someone who buys a smartphone probably no longer needs a landline, watch, alarm clock, calendar, radio, music player, print newspaper subscription, or print magazine subscription.
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