Innovative and disruptive business models are causing shakeouts in industry after industry

We are witnessing the emergence of innovative and disruptive business models that are causing significant shifts in key success factors and resulting in competitive shake-outs in industry after industry. Very vivid depiction of this situation is provided by Parker, Van Alstyne & Choudary (2016): “It’s natural that companies and workers whose profits and livelihood may be threatened by new business models will fight back by any means available, including seizing on evidence, meaningful or not, that the new models are causing economic, environmental, social, or cultural harm... It’s not hard to understand why large publishers and bookstore chains might hate Amazon, why record companies might hate iTunes, why taxi companies might hate Uber, and why hotel chains might hate Airbnb.” (p. 231). I truly believe that each one of us can find at least one example that verifies this depiction. Any thoughts on why incumbents usually react this way and not devise strategies based on their market dominance in order to undermine the efforts of newcomers?

Reference: 

Parker, G. G., Van Alstyne, M. W. & Choudary, S. P. (2016). Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You. NY: W. W. Norton & Company.