The following video is part of our "Motley Fool Conversations" series, in which senior technology analyst Eric Bleeker and Chief Technology Officer Jeremy Phillips discuss topics across the investing world.

In today's edition, Eric and Jeremy look at how iMessage is disrupting text messaging. Globally, there were 8 trillion text messages sent last year! While that's an incredible volume of texts, they take up almost no data and are a huge cash cow for wireless carriers. However, as iMessage is showing, applications on smartphones can handle the same functionality as texts, potentially allowing consumers an end-around to costly texting plans. The main barrier to conventional SMS texts being a thing of the past is one company gaining critical mass around a text application. Over time, that barrier doesn't look very strong, which could potentially cause wireless carriers to redo their entire business model.