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People are trying all kinds of innovations around streaming video apps, you are just aware of them. I am no expert, but off the top of my head I can think of people trying to create streaming subscription services for horror movies, for esports, for anime.. I'm sure most will fail, but who could have predicted Twitch ten years ago?

Maybe the "smartphone" format is played out for now. New innovation may need to come from a new or emerging industry.

Following price and size trends, the next industry would be making a device ~1/50th the size of a "smartphone". Something like the size of a large SD card, probably.

Plenty of ad and dark pattern innovation to do yet :)

I think whether the new apps are innovating is irrelevant. Apple's making the decision for them. As a company, they've always kept things locked down, so I'm not surprised.