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It does seem to ebb and flow. The original Valhalla for indie developers was the 2nd gen (atari etc) and commodore, where games were produced largely by a single person as often as they weren't, if not more so. That declined initially, apparently another decline occurred with the expensive introduction of 3d, and now it seems to be thriving with mobile and downloadable games on the console. No shelf space problems.

I wonder what might cause another decline going forward? I'd say if VR became really popular that'd be darn expensive, but I just can't see the mobile market going amywhere.