The difference between now and the eighties was that in the eighties, bad business practices had flooded the industry and were causing huge amounts of damage to consumer confidence. Now, the industry is more segregated into parts (the three first party devs have distinct identities and exclusives, people recognized big companies as separate (EA, Ubisoft, Activision, Bethesda)) which helps buffer against industry wide crash. I think we could see a localized colapse of certain portions. For example, Ubisoft could take a hard hit if they continue to erode consumer confidence in them. But that won't snowball into Nintendo, Bethesda, etc. The mobile gaming market is actually the one on the road to trouble if it continues to go down its current road.
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