AT&T and Verizon — the nation’s two biggest carriers — are seeing their traditional U.S. wireless businesses shrink, having suffered from an ongoing price war and declining buyer interest in new smartphones.

To make up for that drop, both carriers are increasingly focused on new areas for growth, including Internet of Things projects, as well as far-flung investments like AT&T’s wireless service in Mexico and Verizon’s investments in new media through AOL advertising technology.

This movement into new business areas is seen as a long-range mega-trend that was borne out by the latest earnings reports from AT&T this week and Verizon last week. Both companies reported 5% declines in wireless service revenues.

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