Ringtones Industry Peaking?

FT: (sub. req.) This story in FT makes some major errors in coming to the conclusion that the days of ringtones are over. Though it is true that the explosive growth rate will slow down, the fact that margins for aggregators are declining doesn't mean the heydays for the industry are over. The heydays for aggregators certainly are. There's a big difference, something the article ignores.
But anyway, some rather anecdotal evidence that European consumers are giving up on buying as many ringtones as they did earlier.
Again, a rather important industry trend lost in a lazy story.