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Lastgengamer said:

“Rather, we believe that the publishers and developers of games have created more robust multiplayer content in recent years that has resulted in core gamers playing the same games for much longer, on average, than they did in the past, leading to lower sales of new games.

This is the reason. The consumer actually gets so much more value out of each game nowadays, while games have remained at the same price, so people simply don't have to buy as much new games anymore to get their gaming needs satisifed.

A typical light-core gamer can buy only Guitar Hero, Madden and Call of Duty and those games in multiplayer will give him hundreds of hours of entertainment and  satisfy his gaming needs for years.