Michael Wolf, a technology and media analyst, has forecasted the future of the tech industry for 2016. His predictions include a growth in the number of global smartphone users, reaching 3.5 billion, which is almost half of the world’s population. Online video consumption is also expected to rise, with the average American adult spending 5.5 hours daily watching videos.
Wolf predicts that traditional TV viewing will decrease by 5.3% in 2016, with the younger generation leading the change. They prefer to use digital platforms like Netflix and YouTube, which are predicted to grow by 20%. Consequently, advertising revenue for digital video platforms will increase, while TV advertising will decline.
In the music industry, streaming will surpass digital downloads in terms of revenue. Despite this, artists will continue to struggle to make a living from streaming alone. The gaming industry is also expected to grow, with e-sports becoming more mainstream.
Wolf also foresees the rise of messaging apps, with users spending more time on them than on social media. Apps like Snapchat and WhatsApp will become platforms for e-commerce, gaming, and other services. Lastly, he believes that the tech industry will see a significant amount of consolidation, with larger companies acquiring smaller ones.
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