Pretty much[1], but the growth is at 50% a year as opposed to 60% so networks get slower compared to processors from the same generation, combine this with Kryder's Law[2] which states that magnetic storage grows at something like 100% a year and we have the fact that the internet is most likely a fad which will pass once we can store essentially all the information we could possibly need in a convenient physical package.
It will be literally cheaper and faster to send homing pigeons with hard drives around their necks than to have to wait for the same amount of data to be downloaded [3] and [4] will become a viable way of implementing ip.
Probably the first industry to be hit by this new disruption will be music or books when every song/book in the world could be stored on a phone. For example the spotify library at 320kbps would take up something like 250 Terabytes, which will be the size of a laptop hard drive in 8 years give or take.
The upside to this is that movie studios will probably push 16k screens and extremely high frame rates to keep files big enough that you can't just have one drive with a few thousand movies on it.
You can easily store all of Hacker News locally, at our computer, so why do you come here? For news, obviously. You can't have news pre-saved at your computer by definition, and you simply won't accept (nobody does) the few-hours ping time of the sneakernet.
By the way, carrying media around was always faster and cheaper than delivering the data through the Internet. The trend we are getting is exactly the opposite of what you described; more people are choosing the net option, because although it gets relatively more expensive all the time, in absolute terms it's getting good enough.
It will be literally cheaper and faster to send homing pigeons with hard drives around their necks than to have to wait for the same amount of data to be downloaded [3] and [4] will become a viable way of implementing ip.
Probably the first industry to be hit by this new disruption will be music or books when every song/book in the world could be stored on a phone. For example the spotify library at 320kbps would take up something like 250 Terabytes, which will be the size of a laptop hard drive in 8 years give or take.
The upside to this is that movie studios will probably push 16k screens and extremely high frame rates to keep files big enough that you can't just have one drive with a few thousand movies on it.
[1] http://www.nngroup.com/articles/law-of-bandwidth/
[2] https://en.wikipedia.org/wiki/Mark_Kryder
[3] http://www.smh.com.au/technology/technology-news/carrier-pig...
[4] https://en.wikipedia.org/wiki/IP_over_Avian_Carriers