The iconic music retailer HMV has entered administration, marking the end of high street music retail. 239 stores may close and 4,350 may lose their jobs.
Why did it all happen?
People don't want to go out and buy music anymore. When you can digitally download at the click of a button with your smartphone and log into Amazon if you want to buy an album or DVD, what is the need to visit HMV?
The fall of HMV is not helped by the downloading of music illegally, but could the store have done more to save themselves?
HMV is a much loved brand, but clearly not loved enough. While all innovator's were making the most of providing us with services such as on demand movies and digital downloads, HMV moved onto selling headphones and music systems. This has not been enough to keep HMV floating.
What Should HMV Have Done?
There is much debate about what HMV could have done to save themselves from collapsing. Surely when Apple released the first IPod over 12 years ago HMV must have seen the opportunity.
The IPod could have flopped and Apple could be the ones out of business, but the product is so convenient to music lovers why would they say no?
HMV should have moved into the digital download market many years ago when it was first introduced. HMV has been dominant in the Music market for such a long time that they should have seen the opportunity before Steve Jobs did!
What Can We Learn From HMV?
We are now fast approaching March 2013 already. Many new businesses have started up this year and are looking to make money in all sorts of different niches.
If you are an entrepreneur or current business owner, I suggest you learn from the collapse of HMV and turn it into your own power.
Technology has taken over the way we live over the past 10 - 20 years and this will continue to happen. As a Business Owner you should keep up to date with new trends and technology, make the most of it.
Think long and hard about the way you can use technology to become a super power in your niche and keep on top of your competitor's.
HMV was founded in 1921 and until about 10 years ago has been top of the market in music retail and if Apple and Amazon can take over such a powerful business in such a short space of time, what can you do?