Phablets were once considered a gimmick or short-lived trend but as you look at the mobile landscape, it becomes clear that such thinking was flawed. In its latest report, mobile analytics and advertising firm Flurry found that large-screen smartphones aren't just a fad but a game-changing form factor.

Over the past year, usage of phablets like the Galaxy Note 4, Nexus 6 and the iPhone 6 Plus grew by 148 percent - easily outpacing all other devices in terms of usage growth. During the same period, full-size tablet usage fell 20 percent while small tablet use increased just 14 percent.

Usage of medium-sized phones such as the iPhone 5 grew by 38 percent year-over-year.

Digging deeper, the Yahoo-owned company discovered just how popular phablets have become in terms of media consumption. Such is especially the case in the categories of sports, news & magazines and music, media & entertainment. For example, consumption of sports apps grew 427 percent more on phablets than any other type of device.

Flurry points out that while it appears as though phablets are taking market share from the tablet, the true victim here is the mobile web. Due to the rising popularity of mobile applications, only 12 percent of time spent on mobile devices is dedicated to web usage. The rest of the time - 88 percent - is invested in mobile apps.