Benedict Evans on the seismic shifts disrupting traditional business models

At StreamNext 2025, hosted by Amazon MX Player, renowned analyst Benedict Evans took the stage to deliver a compelling keynote on the evolving landscape of television, e-commerce, advertising, and technology. Evans unpacked the seismic shifts disrupting traditional business models and reshaping industries worldwide.

Evans began by referencing a quote from the owner of Heinz, who once described himself as a “terrified dinosaur” navigating an increasingly complex and unpredictable market. Businesses that once thrived on scale, efficiency, and predictable supply chains now face unprecedented disruption. The conventional rules of retail, media, and advertising have been upended by a new era of infinite choice – where products, media, and commerce exist in limitless abundance.

E-commerce, a phenomenon discussed for over two decades, has now captured a quarter of retail spending in most global markets, with India surpassing the global average. The digital transformation has birthed new business models and market leaders. Evans cited Net-a-Porter as an extreme example, demonstrating how luxury fashion can be delivered straight to a customer’s door – even in the freezing temperatures of New York.

One of Evans’ most striking examples was the downfall of BlackBerry. Four years after the launch of the iPhone, BlackBerry’s sales continued to grow – until they didn’t. This delayed collapse, which he dubbed the “Wile E. Coyote effect”, is a cautionary tale for brands that fail to recognize the deep structural changes in their industry until it is too late.

Evans referenced Jim Barksdale’s famous assertion that there are only two ways to make money: bundling and unbundling. Traditional business models based on physical assets – retail stores, print magazines, broadcast television – are being dismantled. What once defined defensibility is now being replaced by new aggregators, disruptors, and digital-first competitors.

Today, every business decision is interconnected. Marketing budgets, once segmented into advertising, store expansions, logistics, and customer service, have become a single, fluid investment pool. Should a company spend more on advertising or reduce prices? Improve shipping speed or adjust its returns policy? These decisions are no longer separate but part of the same strategic equation. As Evans’ former boss Marc Andreessen famously put it, “Software is eating the world.”

The concept of television itself is undergoing a fundamental shift. Today’s leading video platforms are spending as much on content as traditional media giants. Platforms like YouTube are rivaling major streaming services in viewership, with creators such as Mr Beast amassing audiences equivalent to mainstream television shows.

In India, this transformation is even more pronounced. While connected TV adoption is growing, smartphones remain the dominant screen for video consumption. This multi-platform reality renders traditional distribution models obsolete. Streaming services are adapting by producing localized content in multiple languages, reflecting India’s linguistic diversity.

One of the most profound shifts Evans highlighted is the impact of artificial intelligence on content production and localization. AI-powered translation and dubbing tools are enabling global content distribution at an unprecedented scale. Hollywood studios and streaming platforms are rapidly adopting AI-generated dubbing to make content more accessible across languages.

Beyond translation, AI is also revolutionizing video production. Several companies are developing AI-generated Hollywood-quality video, reducing production costs and accelerating creative workflows. While current AI models may still struggle with inconsistencies – such as changing object colours or unnatural movements – these errors are similar to the challenges faced in traditional film production. Over time, AI will refine these processes, making high-quality, AI-generated content mainstream.

Evans concluded by emphasizing that while technology continues to reshape industries, the core challenges for businesses remain unchanged. Consumers still ask two fundamental questions: “How do I get this?” and “How do I know I want this?” The answers to these questions, however, are evolving rapidly.

As AI, streaming, and e-commerce continue to converge, businesses must rethink their strategies to remain relevant. The ability to adapt, leverage technology, and embrace new distribution models will define the next generation of industry leaders.

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