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Well, I would be happy if no company would have these conferences so that we would get games announcements over the year and not only on a few days a year (it wouldn't hurt if Microsoft or Sony would already show me one of their new games today and not in June) but I'm not sure if that is good to reach the mass market since newspapers and TV-Station seem to talk about the E3 conferences from time to time.

But it's the age of Twitter, Youtube, Facebook and so on so not sure if these newspapers are even needed to spread the news. Not to forget that Nintendo will still talk to them just without a fancy show.