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I suspect this is at least partially because of higher development costs and longer development times. It takes so much money to create games you can't have too many projects going on at once, and it takes so long to create them that there will be fewer new games each year (also, the early stages of production will take longer than they used to, meaning it will take longer to get to the point where you have something to show off). Those are probably not that big individually, but it all adds up.