Industries evolve. In this case Cloud probably killed them. They failed to adapt when a new innovation came along. This can happen for multiple reasons, but ma

Industries evolve. In this case Cloud probably killed them. They failed to adapt when a new innovation came along. This can happen for multiple reasons, but mainly because incumbents are at a disadvantage in the face of radical innovation since they not only have to learn the new tech, but unlearn the old. Some companies also double down in the face of new tech and keep improving their obviously inferior product. E.g. when refrigeration was invented, companies that shipped ice from the arctic focussed on shipping it faster instead of accepting the inevitable and pivoting while they had resources to do so.