I feel like it's never been a better time to consume video games. You have all kinds of big ass Triple A blockbusters, mid size and small indie games that cover all genres across the board.
That's sad if studios are being closed, but I feel that was no different in the past, only that it didn't get as much resonance. The same goes for crunching.
It's a very competitive industry and not every developer is willing to sacrifice their private life to make the most awesome video game. But others are and these people are the ones that bring the industry forward with their creativity, passion and hard work.