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HappySqurriel said:

I think software revenue has probably peaked (or nearly peaked) for the generation because, from this point forward, there is an increasing number of low-cost and high quality games available that are just as good to consumers who haven't played them as any new game. While a game like F.E.A.R 2 certainly was not worth $60 to me new at $20 it was a great deal, and the time I spent playing that recently was time I didn't spend playing a full price new game; and when you take behaviour like this and start to generalize it, it represents a drop in revenue even if people are buying more games.

Yes you may be right. Looking at the Xbox 360s chart because its another year older than the rest I can see a lot of older cheaper games creeping in at the bottom of the top 50. They may very well round out a large proportion of the titles not in the top 50 as people do seek to buy older games. In addition to this a lot of older games tend to not be played and become available used of are loaned from friends.