I really can’t believe that Philips is exiting the consumer electronics field.
Earlier this week it was announced that Philips would be leaving the consumer electronics industry to focus on the medial technology field. “Since we have online entertainment, people do not buy Blu-ray and DVD players anymore,” Philips CEO Frans van Houten told The Wall Street Journal.
As a child of the 1970s, it’s hard for me to believe that this household name just isn’t going to be around any more. But then I also thought of the fact that while I can remember the name popping up all over the place back then, I can’t tell you the last time I heard anyone mention it. This company truly had all but disappeared from the landscape over the past few decades.
While the vast majority of you who visit TechnoBuffalo probably can’t remember Philips in its hay days, I would tell you that their name was as common as say Samsung is today. Just because a company is riding high one day and seems to have the world on a silver platter doesn’t mean it always will. Competitors come, technologies change, and if a company isn’t savvy enough to keep up, it can find itself in a world of hurt very quickly.
While I use Samsung as my example, I am certainly not trying to say it is doomed, this is merely an example. That being said, don’t be surprised if 20 to 30 years from now, a company you can’t imagine living without is announcing that it is pulling up stakes to go on to other things if not shutting down completely.