It also explain the aestheticization of the world indicated by Jean Baudrillard. Products, services and even behaviour is not only about their primary utility any more, it becomes also about how they make you feel about yourself.
In the photography business, or in services like family and portrait for example, the photographs are not the main objective of purchasing the service but the experience of being photographed in a professional environment, or have your day or a couple of hour of celebrity experience. The photographs took becomes no more than just souvenirs of the experience or of the day. It lost the status of just recording for the younger generation.