I don't know about a full on crash but the industry is headed for a big decline this gen, and there are alot of numbers to back it up.
1. Newest Gears of War,Resistance,Infamous,Battlefield,Batman,Killzone 3 were all huge flops, not to mention that massive franchises like Guitar Hero and Tony Hawk are now dead. Other games such as COD,Halo,Pokemon, and Gran Turismo are down as well. Too many releases too fast, has killed things in the music and movie industry and the same holds true for games.
2. Wii U - Its not just that it sold poorly in 2013 but its a combo of how awesome (2nd best at the time) the launch was followed by dismal sales. This is Nintendo we are talking about too. The company whose 1st party Wii titles outsold 360's/PS3's combined. It's not a lock that PS4/Xbone will see a huge decline, but the situations look awfully similar (tons of launch hype followed by zero software to move consoles the next year).
3. Killer Apps are in short supply. This can no doubt change but all 3 companies are playing it way too safe. Sony seems content to keep pushing Killzone/Uncharted. Microsoft is content to keep pushing Forza/Halo. Nintendo is content to keep pushing Mario/Donkey Kong/Zelda. Granted all of these games sell, but games like Gears of War,Uncharted,Wii Sports,Wii Fit, and Little Big Planet were all fresh and brought brand new elements to gaming and were just as big in terms of pushing consoles as the classic franchises were.







