Digital Cameras turned the photographic film business into a niche. Mobile phones are killing the fixed line telephony business. There are many more examples of gradual extinction of business models. Some trends are mean reverting, others are destiny.
Who are the people who are unable to see the “writing on the wall?” Those who are closest to the gradually deteriorating situation. That’s because they are constantly being exposed to noise that they simply cannot see the big picture. And the big picture is that their business is going to become extinct. There may be an element of psychological denial here, however, the key reason is that slow gradual changes tend to go un-noticed.
Try to see the big picture by stepping back from the situation you are trying to examine.