In "3G will bring sea change in biz models; users a key sales channel"* there are some interesting predictions for the future:

“Our research into the distribution channels for mobile content has indicated that the peer-to-peer model will gain traction over the next five years, with users essentially becoming resellers of content to others in their social environment,” explains Daniel Winterbottom, research analyst at Informa Telecoms and Media, publisher of Mobile Media, and author of the strategic report on mobile content business models. “But interoperability issues caused by the rollout of incompatible DRM systems will basically shackle what has the potential to be a very significant revenue stream.

The emergence of end-users as a notable sales channel for content is just one part of the expected evolution of content business models, according to the report. “In the next five years, we’re likely to see a sea change in the actual distribution and delivery of content to users,” says Winterbottom. Higher-speed networks and enhanced billing capabilities will also help evolve the way mobile content is monetized. Winterbottom argues that the importance of PSMS will start to diminish.
“Premium SMS will still have a role to play from the billing- and delivery-mechanism point of view, but it is likely to be superseded by the browse-and-buy model as more and more users migrate onto high-speed networks,” he adds. “This, coupled with the fact that operators will attempt to drive customers to use more premium content by offering flat-rate or even free browsing, means that it is not hard to see that premium-SMS revenues will begin to recede as the number of 3G subscribers grows.”

* Mobile Media, Volume 6 Number 1, January 14, 2005, p. 5