Not only is it becoming another media, it's disrupting measurement stats for the other forms of media.
From Media Post.com Arbitron: Younger People Cut The Cord, Become Cell Phone-Only Users
THE NUMBER OF PEOPLE WHO use cell phones as their exclusive or primary telecommunications device is growing rapidly, and this raises important questions about their media consumption patterns
Many believe that cell phone-only individuals are growing rapidly--and their behavior is beginning to influence how they use other media, as well as how marketing and media researchers measure them
So how will their habits/consumption patterns be quantified?
Will mobile analytics replace telemarketing?
Every SMS text request, or barcode scanned, or picture taken via cell phone gives marketing companies more info that any annoying call at dinner time can get.
The time, location(GPS), product and a direct way to interact (cellphone screen) are all provided when the physical world is connected. As a telemarketer, why do I need to harass you at dinner time when I can monitor all of your clicking,scanning and texting.
The database/server that holds this info will be bigger than Arbitron in my opinion.