Despite the run-up in mobile revenues over the last few years, communications revenue growth is beginning to falter as voice markets in developing countries saturate. Unfortunately, content and connectivity revenues have not risen quickly enough to offset these declines. Facing this dilemma, how will the industry evolve over the next five years? Our research suggests four plausible scenarios and the events that would signal their unfolding. More important, we outline the characteristics of companies most likely to succeed in each of these possible futures.