Facebook reportedly working on a video chat device. Michael Wolf, Founder and CEO of consulting firm Activate, says while the smart speaker market is fierce, Facebook's advantage is that it is the world's leader in messaging.

In other media and technology news, MTV is bringing back TRL. Wolf, who was the former President and COO of the network, says MTV needs to reinvent itself for a younger market with this kind of programming. To do this, he says they need to remember that the "M" in MTV stands for music.