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I think reading pretty much has hit its nadir, but thanks to e-readers and smartphones, it's going back up.
I mean, a hundred years ago, everyone read. It was pretty much the popular form of entertainment. People also constantly wrote letters to each other, and so on. Then radio came, and started chipping it away. Then comics (which pretty much wiped out the Pulps) and TV and video games.
But now, thanks to smartphones, two teenagers sitting next to each other will text one another instead of talking. It's strange phenomenon, but it's a start...
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