We all know technology makes things easier and less time-consuming, but it’s hard to believe how much our devices have transformed the way we live. Tasks and tools that once seemed routine now seem hopelessly out of date, and in only a few short years.
For example, who would post an ad on the personals page of a local newspaper these days? Sounds so antiquated!
Technology has also revolutionized the way we consume entertainment. So much so that Apple's App store is giving Hollywood a run for its money.
The world of entertainment is evolving
I'm sure you've heard of the "cutting the cord" phenomenon. It's when you get rid of cable or satellite and watch movies and TV shows through streaming services. (PssT! Click here to learn everything you need to know about streaming services.)
Cutting the cord has become extremely popular in the last few years. For good reason. Not just to save money, but as a sign of the times as a more modern way to consume entertainment.
Television isn't the only medium taking a hit. People are also frequenting Hollywood movies less and consuming entertainment on their gadgets more. In fact, Apple's App Store will soon be a bigger money maker than Hollywood.
At least that's what industry analyst Asymco is predicting. It said that by the end of the year, people will be spending $100 million per day on apps.
Apple recently reported a record-breaking holiday season when it comes to App Store sales. During the week of Christmas Eve, a record number of customers bought or downloaded $890 million worth of games and apps from Apple's App Store. New Year's Day alone, customers around the world purchased $300 million worth of items from the App Store.
In 2017, iOS developers earned a whopping $26.5 billion. That's over 30 percent more than 2016.
Asymco said that could just be the tip of the iceberg. Its latest report suggests that Apple's App Store revenues will soon be higher than Global Box Office (Hollywood) revenues.
Image: App Store billings vs. Global Box Office gross (Source: Asymco)
Asymco said, "Based on assumptions of revenue rates for mobile services and iOS share of engagement, my estimate of the economic activity on iOS for 2017 is about $180 billion. Including hardware sales, the iOS economy cleared about $380 billion in revenues 2017. Additional assumptions around growth rates suggest that iOS economy will achieve the half trillion revenue rate in 2019."
Obviously Hollywood will continue making movies, but competition is here. This just goes to show the power of technology and how the consumption of entertainment is ever-changing.
Speaking of home entertainment, learn how to choose the best headphones for you
Most everyone uses headphones daily. Whether you're listening to music for entertainment or a presentation for work, you've probably got a pair of headphones at the ready. If you've been using the same headphones for years, it might be time to look into a new pair. But you might struggle with knowing which ones to buy.