An expression about the
inevitable progression of society and technology. Has a negative connotation mostly, but can be used in a positive manner. It is a reference to the song Video Killed The Radio Star, by
The Buggles, a song about an individual (the "radio star") being pushed out of their work by the new medium, video.
Eventually
Nintendo stopped supporting
the old consoles and their services. "
Video killed the radio star", and all that.