If a single major publisher falls the effect would be minimal since history has shown another rises. However I believe EA and Activision would be an exception since both publishers are the largest video game publishers in the industry (excluding big three of course) since they have many IPs in which they pump out year in and year out. As much as you or gamers in general may hate COD, Fifa, Battlefield, WOW etc, these games are absolutely essential for the video game industry to prosper since these IPs sells dozens of millions and brings in billions of dollars in revenue. Many dont realize but these games are the one's that keeps the industry afloat. So if either EA or Activision goes bankrupt the video game industry would heavily decline. Both? The industry would crash. Ubisoft and Take Two are also major publishers but their games aren't as widespread as EA or Activision. Sure Take Two has GTA and Red Dead but they dont come in annually or as often as COD and Fifa. NBA 2K sells but not on the level as Fifa. Ubisoft on the other hand has no IP that can compete with the likes of GTA, Fifa, and Cod. Their best IP is Assassins Creed which at best sells around 10 mil per installment if their lucky. Bethesda has been growing in recent years even though their games have taken a quality dip but they are still not in the same league as Ubisoft let alone EA and Activision. Same with Square Enix and Capcom who have been gaining prominence in the last couple of years. Also if any publisher were to go bankrupt (except EA/Activision/Big 3) it would just pave they way for another to rise or many others since IPs can be sold off like Deep Silver and the emergence of CD Projekt Red. So to conclude effects would be minimal as long as EA, Activision, and the Big 3 do not go bankrupt.