Episode 203： 10 Industries Facing Massive Disruption
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Summary
We are living in very interesting times and let me tell you why. Because in the next 5-10 years, a lot of jobs today, industries and businesses today, are going to be extinct. And this is so scary for the bigger companies up there, but it's so exciting for the smaller, nimble companies and entrepreneurs that are coming up.
Transcript
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I'm Patrick Medivio, host of Value 10 Minute Today.
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I'm going to talk to you about 10 industries facing massive disruption today.
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We are living in very interesting times, and let me tell you why.
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Because in the next 5, 10, 15 years, a lot of jobs today, industries and businesses today,
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And this is so scary for the bigger companies up there.
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But it's so exciting for the smaller, nimble companies and entrepreneurs that are coming
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Because we're about 5, 10, 15 years away from somebody coming up with an idea after a major
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disruption where someone's going to be called a trillionaire, not a billionaire, in the
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So I'm going to give you a lot of different industries that are about to go extinct.
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And I'll put the given out, the ones that everybody knows about.
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I'm not covering the ones that you've heard many different times, such as publishers, newspapers,
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magazines, cashiers, travel agents, manufacturing workers, bank tellers, taxi drivers, radio,
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I'm assuming you already know those are going to be extinct here very soon.
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And I want to give some new ones here that we haven't talked about before in the past.
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I think restaurant, the game of restaurant is going to change dramatically.
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Why am I not talking about high-end restaurants?
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Because for as long as husband and wives have kids, they're going to want to step away from
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their kids and go to a private place away from everybody that knows the madness.
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And sometimes the best way to do it is just, let's go to a nice dinner.
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Let me explain to you what I think we're headed towards.
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Imagine you and your wife, you and your girlfriend, you and your husband, you and your boyfriend
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are sitting and you're going to say, babe, I'm tired today.
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No, I kind of want some real food, some really good food.
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So hiring a chef used to be for the rich, right?
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Like you remember how the rich people had drivers.
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You don't need to be a millionaire to have a driver.
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In the 90s when you said, my driver will be picking me up.
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No one's going to care if you got your own chef in the next couple years because you're
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There's this chef here that's a four and a half star, 328 reviews, and I checked his availability.
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He comes to your house, cooks everything fresh for you in your house.
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And this app is going to do a background check on the person who's a chef.
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Just like an Uber driver is going to do a background check.
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And you're going to stay home and watch your movie and not go anywhere.
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And then you're going to say, oh my gosh, this was great.
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Some of you are watching and saying, oh my gosh, has anybody come out with it?
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Especially in small pockets, but there's obviously not a big one nationwide that everybody's
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When someone comes out with this, they will disrupt restaurant business in ways that fast
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food, all these guys are going to feel it immediately.
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Because what's the negative reputation fast food restaurants have?
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You mean to tell me I can have a chef come to my house and he's cooking healthy food and
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I think that's the direction we're going with restaurants.
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Movie theaters are about to get their tails handed to them.
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I'll just give you some data before I make my prediction.
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Back in 2009, in America, 1.41 billion tickets were sold to the movies in a year.
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1.41 billion tickets were sold, which means 300 million.
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Give or take, we go to five movies per year on average as Americans.
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You know how many tickets were sold in 2017 last year?
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I'll have the exact data here on the screen for you to see it.
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We dropped 200 million tickets in only eight years.
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Because all these buildings, these standalone theaters that are empty theaters, empty theaters
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Again, the high-end ones will do okay, just like high-end restaurants, because it'll become
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But we're going a complete different direction with movie theaters.
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And if they don't figure out a way to pivot and adjust, they're going to take a massive
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This one some of you guys will be confused with, listen.
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Soon, we will not be having any more smartphones.
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Now you may say, Pat, you are out of your mind if you think we're not going to have a
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Can I ask you why you're paying $100 a month for your phone number?
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Do you need a phone number for someone to Skype you?
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Do you need a phone number for somebody to Facebook you from all over the world?
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Do you need a phone number for somebody to call you on Snapchat?
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Why are we paying these telecommunication companies $100 a month?
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If you want to call me, call me on my Facebook line.
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If you've got 500 names on your phone, don't your 500 people on Facebook have your name,
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So if they need to call you, they can easily call you.
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We don't need that anymore, so here's what'll happen.
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Data won't be going away because you will need this device to log on to social media, Facebook,
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Why are we paying $100, $150 a month for phones?
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They're about to get hit in a major way in the next 5, 10, 15 years once somebody figures
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Once someone figures this out, everyone's going to say, why do I have a phone number?
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Just ask them and tell them exactly what I told you.
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See your friend's reaction, what they're going to say.
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This is another disruption that's about to take place.
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Today, Morgan Stanley just came out and this is what they said.
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They said, General Motors should stop making cars in North America because they're currently worth
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Look, you know, people say everything is getting more expensive.
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Believe it or not, a lot of things are getting cheaper and cheaper and cheaper.
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A lot of things are getting cheaper if you really think about it.
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There used to be time we have to pay a lot of money for softwares.
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How many softwares today are free based on just Google and all these other things that
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Cars are about to take a big kid because one, this whole transportation deal was taking
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Again, high-end cars will be around because rich people want to be able to show with status
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and look at my $1 million car that I have here, Enzo, or $1 million, $2 million Bugatti
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But the regular day-to-day cars, we're not going to need it anymore.
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But the whole thing about having two, three, four cars in a family like we used to, that is
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going to be changing completely soon in the next five, 10, 15 years.
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I'm telling you that is the direction we're going.
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You've got to stop making wallets because these things are going out of business.
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Now people are making phone cases, Louis Vuitton's got phone cases, all this other stuff.
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The reason why I have affinity to Walmart, because when I was living in Kentucky, in this city
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that had no nightclubs, and I'm 18 years old, on Friday nights, you know where we would
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Our nightclub was called Walmart, so I have some kind of an affinity to Walmart.
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But Walmart, there's a business out there, okay, that's called Amazon.
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And the president knows it's a monopoly, he's trying to push it for monopoly.
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A lot of people are trying to push it for monopoly, and if you think Bezos being worth
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$120 billion is a lot of money, wait till over the next couple of years, all of a sudden
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Amazon is one of the most dangerous companies in the world to competitors.
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When they watch a movie with the Amazon River, they shiver and have nightmares all night long.
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Because all they know is this company is about to take their marketplace away from them.
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You're going to Walmart, you're taking a picture, then you're going to Amazon, you're
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How many times have you gone to a store and you looked at something, you took a picture,
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The point is these showroom businesses that rent out all this massive space, it's going
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Because first of all, you're not going to be doing shopping anyways.
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It's going to be a, what do you call it, a warehouse type of deal.
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You're going to, everything's going to be, someone's going to do it to you and come.
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Someone's going to go and do it and bring it to you.
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I want this stuff, I'm going to go buy it and bring it to you.
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So this showroom type of stuff, you're only helping out a business like Amazon.
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This is the one industry that I am a part of, and let me tell you what industry this is.
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Listen up, insurance industry, whether you're a PNC, property and casualty, life or whatever
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If you're an underwriter, and you're watching this, hurry up and figure out a way to become
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If I am hiring you, and I want an analyst, and I see that you've been an underwriter,
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your last job was an underwriter, it's already too late for you.
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I would be hurrying up and becoming an analyst very quickly, and this is why.
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Look, underwriters get paid a couple hundred thousand dollars a year.
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They're great with math, actuaries, they study statistics, they're phenomenal with numbers,
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but they have positioned themselves in the wrong place.
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Because if I'm running an insurance company as a carrier, not the one that's selling it,
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as the carrier, I am investing currently today to the best kids coming out of Wharton Business
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School who were ridiculous in math, who were ridiculous in analytics, who were ridiculous
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I'm hiring every one of these young cats, and I'm bringing them, and I'm telling them, figure
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out a way for me to make the cost of insurance be different on this.
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Figure out a way for me to be able to maximize this without needing any underwriters, because
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I'm eliminating another cost to me as a company.
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And that's exactly another direction we'll be going.
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An underwriter's mind will be replaced by a machine, here very, very soon.
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Listen, this whole thing about the amount of credibility journalists have today.
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All these WordPress, the blogs, all these websites where you can go out and share your opinion,
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Now, some people are saying, well, it doesn't yet hurt journalists, because the best ones
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Let me give you an example of what I mean by the best one.
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His website brings so much traffic that a business would be willing to advertise on his website for
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The guy's making a million dollars here just on endorsements that he's getting.
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Why do I need to go be a journalist and tie my name to New York Times or LA Times or any
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The only reason these magazines and newspapers are going to be around is because a billionaire
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is going to come and buy a Washington Post, also known as Amazon's owner, which is who?
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Because I need to make sure I also control media a little bit.
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Another billionaire today just bought LA Times.
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Just today, LA Times was just bought for only $500 million.
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You may buy because you want to control media, but you're not buying it because you're trying
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It's going to be a completely different purpose for buying media, not what you and I are thinking
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So journalism is going to be changing tremendously.
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Which one makes them a lot of money and a lot of attention?
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Sports brings them billions of dollars to these schools.
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So they have to make sure the college stays in business.
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Because if colleges don't stay in business, they don't have all this free money that's
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coming into them because they're not paying these athletes, right?
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And I'm going to give a compliment to a very weird person.
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LaVar Ball right now is going around the nation and he's asking and tweeting out on
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Instagram, any great ballers in Chicago, ages this to this, come on down and we're
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He may be crazy, but if there's somebody that's watching this right now saying, where's
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I'm going to tell you something here right now.
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If somebody can create a national league, a national league for kids between ages of
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14 to 18 and a national league that competes with major league sports 18 to 20.
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Even though right now a lot of young kids go play for a basketball, they go early and
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you see some of them have to be a little bit longer for them to go in.
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I think there's a big opportunity right now for sports that doesn't have to do with colleges.
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It's just sports a level below the NBA, a level below the NFL, a level below that, that
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And I'm not even talking about D-League or any of this stuff.
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I'm talking about a real league where money's being made.
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If someone can figure out a way to do that without colleges being needed, because colleges
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Kids are not going to be going to college the way we've been going to college.
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It's getting smaller and smaller and smaller and it's becoming a bigger and bigger business.
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And people are starting to realize and read between the BS that a four year degree doesn't
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give me anything because things are changing so rapidly.
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I wrote a book on this called Drop Out and Get Schooled and I got a ton of hate on it.
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How can you write a book called Drop Out and Get Schooled?
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Well Pat, you don't have the right to write a book like that.
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I wrote it with a guy named Thomas Ellsworth who got a four year degree and has got a
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masters and was a professor at UCLA and Biola and Pepperdine.
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We both wrote it together and gave different views on why it's time to drop out and get
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schooled and why I believe 80% of college students shouldn't go to college.
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But this doesn't mean that there is not an opportunity for somebody to go figure out
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Obviously gas stations are going to be gone very quickly.
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One of the things about Middle Eastern is we own a lot of gas stations.
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It's like an annuity pays you on a monthly basis and it's pretty good amounts depending
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This may not have to do with money, but it does.
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First of all, I don't agree with our current voting system that we have.
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And the reason why I don't believe with the current voting system that we have is the
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And all of a sudden, I have 145 million people following me.
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I'm putting words together because I'm an artist or whatever I am.
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And I start talking about some correcting and injustice.
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We are very soon going to be seeing a 35, 36 year president in the United States of America.
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And if it's only based on who has the biggest followership, and I try to figure out a way
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to minimize the debates as much as possible, because if I'm good at what I do, I'll minimize
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the debates to the least amount that I have to be a part of to participate as a person
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And if I can do my videos well, and I say, I don't come to debates.
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Somebody is going to see this and they're going to say, wait a minute, but you have to come
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And then all of a sudden, we have a president that not knowingly may not be the best thing for
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I'm telling you right now, you're going to see political ... You think this last political
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Wait until it's done by a 36-year-old person that knows everything about social media, everything
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about all these bots and everything we're facing.
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And by the way, I'm not talking about just manipulation.
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I'm talking about a marketer that's kind of come and disrupt the entire political game.
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And by the way, it's going to happen at the lower levels very easy.
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Congress, mayor, all that stuff, senator, no ... I'm talking at the highest level, which
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So there's a big opportunity there, but there's also attention to be paid to the political
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side and not just be too naive, just because somebody's got a lot of following, to go out
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Because very soon, you will see a candidate in America, a 35, 36-year-old that's going
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to say, I want to be the president of the United States.
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I don't want a lot of my American patriots that come and say, you know, stop trying to
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Because if you don't, you're going to be the one that's going to suffer the consequences.
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And by the way, I am very comfortable being wrong with every single one of the predictions
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But I don't think I'm wrong with every one of them.
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And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
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And if you have any questions for me that you may have, you can always find me on Snapchat,
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And I actually do respond back when you snap me or send me a message on Instagram.