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The numbers say the industry is booming. It's actually driver by the younger crowds with each generation who are dancing with it's corpse.

The reality is that after the mid 90s console gaming died. Up to 2005 PC was showing signs of promise with games like System Shock 2, Thief, Baldur's Gate, Diablo, Prince of Persia Trilogy, Half-Life 1/2 and DotA but then it just went into making shinier visuals and mediocre titles.

At least Nintendo is trying their best to revive it.

What killed gaming? Mediocre games, the heavy emphasis on visuals and multiplayer at the cost of a well crafted singleplayer experience.