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The rise of cheap imports, technological advancements and the financial crisis have collectively delivered a harsh blow to some U.S. industries.
IBISWorld is out with a list of 10 American industries that have seen sharp revenue declines, a fall in industry participants and a declining life cycle stage between 2002 and 2012.
Some of the worst hit industries include newspaper publishing, women's and girls apparel manufacturing and appliance repair industries.
2012 revenue: $1.51 billion
2017 revenue: $897.1 million
Competition from digital cameras and camera phones has been a blow to the photofinishing industry which has seen revenue shrink 11.4 percent every year over the last 10 years. The pervasiveness of consumer shift to digital devices and online photo-sharing platforms has seen fewer consumers turn to printing photos.
The photofinishing industry is expected to see revenue fall 9.9 percent per year over the next five years. Eastman Kodak Company which recently filed for Chapter 11 bankruptcy protection is one of the biggest industry players.
The appliance repair industry has taken a hit since many consumers have opted to buy new household appliances instead of fixing them mostly because the price of household appliances has fallen an annualized rate of 2.4 percent.
The factor most directly responsible for the industry's downturn however has been the increasing trend among manufacturers to offer warranties on new appliances. Improving appliance technologies have also resulted in lower demand for repair services.
Revenue for the industry has fallen 5.7 percent per year on average for the last 10 years. Sears Holdings and Best Buy are some of the biggest appliance repair industry players.
The DVD, game and video rental industry has taken a hit because of its struggle to adapt to a competitive marketplace and embrace technological developments. Consumers are increasingly opting for streaming, video on demand (VOD) and...