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For 3rd party multiplats, yes, it's that bad.  But Nintendo have proven that they can still persevere in spite of this handicap.  The biggest problem was WiiU's eight month post-launch drought for 1st party games, which is the main reason people buy their consoles.

Having said that, since August of last year the WiiU has been on fire from a quality standpoint and in that regard its library currently demolishes the PS4/XB1's offerings put together (my opinion, of course).