Some industries just may not have what it takes to survive today's changing economic climate.
Technological advances, offshore manufacturing and shifts in American behavior are all factors in the downfall of some major U.S. sectors, according to a recent report from research firm IBISWorld, called "Dying industries." Indeed, with corporate profits and job gains on the rise recently, it seems the fallout from the Great Recession may no longer be solely to blame for recent declines in revenue for some industries, according to the report.
But for one the of the sectors on the list the recession has dealt a huge blow. The money market and other banking industry, which includes banks owned by non-financial institutions and private banks, was hit hard by the financial crisis. Too small to be included in TARP, these banks had to use commercial banking structures to get access to any bailout funds.
Another struggling industry, manufacturing, has been suffering more from outsourcing than from the financial crisis. Manufacturing has struggled in a number of areas including women's wear and costumes largely because companies are moving plants offshore, the Washington Post reports. Indeed, 70 percent of 2.3 million jobs lost or displaced to China from 2001 to 2010 were in the manufacturing industry, the Economic Policy Institute estimates. Women's wear manufacturing has suffered especially, with revenue declining 57.7 percent since 2002, IBISWorld reports.
But it's photofinishing that may be in the worst trouble, as consumers are increasingly able to take photos with a variety of devices. The sector's revenue shrank 11.4 percent each year over the past decade, according to the report, and in January, iconic film company Eastman Kodak filed for bankruptcy.
Meanwhile, Facebook's $1 billion acquisition of photo-sharing service Instagram this week may be further proof that the local 1-hour photo developer could soon be little more than a Kodak moment lost in the annals of obsolescence.
Here are the ten industries closest to death, according to IBISWorld: