A woman watches TV on her iPhone. Photo: Getty

The average U.S. smartphone user now gobbles up 31.4 gigabytes of data a month, a 25% increase since last year, according to NPD Group and reported by Twice. That's roughly the equivalent of streaming 31 hours of standard-definition video on Netflix.

Why it's happening: The major U.S. wireless companies now all offer unlimited data plans, allowing consumers to blow through as much data as they want without incurring extra fees or having to seek out Wi-Fi hotspots for bandwidth-heavy downloads. Streaming video accounts for 83% of total data consumed, per NPD.

What it means: As consumers spend more and more time on their mobile devices, media companies are tailoring content to be consumed on smaller screens and on the go. It's also driving traditional cable and pay-TV providers like Comcast and Charter to add wireless components to their businesses as subscribers continue to cut the cord. And smartphone makers are designing the next generation of phones with this in mind – for example, Microsoft has filed a patent for a two-screen smart phone.

Go deeper: Axios' Ina Fried tells us what to expect in next year's smartphones.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Report: Goldman to settle DOJ probe into Malaysia's 1MDB for over $2B

Illustration: Lazaro Gamio/Axios

Goldman Sachs has agreed with the Department of Justice to pay over $2 billion for the bank's role in Malaysia's multi-billion dollar scandal at state fund 1MDB, Bloomberg first reported.

Why it matters: The settlement, expected to be announced within days, would allow Goldman Sachs to avoid a criminal conviction in the U.S. over the bribery and money laundering scandal that saw three of its former bankers banned for life from the banking industry by the Federal Reserve Board.

Trump threatens to post "60 Minutes" interview early after reportedly walking out

Trump speaks to reporters aboard Air Force One, Oct. 19. Photo: Mandel Ngan/AFP via Getty Images

President Trump tweeted on Tuesday that he was considering posting his interview with CBS' "60 Minutes" prior to airtime in order to show "what a FAKE and BIASED interview" it was, following reports that he abruptly ended the interview after 45 minutes of taping.

Why it matters: Trump has escalated his war on the media in the final stretch of his re-election campaign, calling a Reuters reporter a "criminal" this week for not reporting on corruption allegations about Hunter Biden and disparaging CNN as "dumb b*stards" for the network's ongoing coronavirus coverage.