Here are a few dramatic examples that I know of. Note that in some cases, the latest games are still selling at least a bit, especially since most examples are fairly recent. This also means plenty of Nintendo-related examples.
Nintendo Exclusives
- Wii Fit - Fell from 21.74 million sales for Wii Fit Plus to 0.58 million for Wii Fit U. This is a sales drop of over 97%.
- Wii Play - Fell from 28.89 million for the original to 0.91 million for Wii Play: Motion. This is a drop of over 96%.
- Mario & Sonic Olympics - The 2012 console version sold 3.69 million, compared to 2014's 0.57 million. This is a drop of about 85%.
- Nintendogs - The DS original sold 24.66 million to the 3DS sequel's 3.54 million. This is a drop of over 85%.
- Super Monkey Ball - The Wii launch title Banana Blitz sold 2.23 million, while its successor, Step & Roll, sold 0.39 million. This is a drop of over 82%.
- Mario Party - The Wii iterations, 8 and 9, sold 8.20 million and 3.01 million, a decrease of about 65%.
- Cooking Mama - The second, third, and fourth games sold 3.58 million, 1.67 million, and 0.58 million respectively. Those are declines of about 53% and 65%.
- Professor Layton - The series plummeted on the 3DS from 2.63 million for Last Specter to 1.58 million for Mask of Miracle to 0.76 million for Legacy of Civilization. Those are drops of 40% and 52%.
- Zelda - Depending on whether one includes GameCube sales, Twilight Princess sold 7.09 million or 8.69 million. Skyward Sword sold 3.90 million, which can either be seen as a 45% decline or a 55% decline.
PlayStation Exclusive
- God of War - On the PS3, God of War 3 sold 4.77 million compared to Ascension's 2.11 million. This is a drop of over 55%. On the PSP, Chains of Olympus sold 3.16 million compared to Ghost of Sparta's 0.96 million. That is a 70% decline.
- Gran Turismo - The main PS3 entries, 5 and 6, sold 10.59 million and 3.10 million, making a decline of about 70%.
- Dissidia - The first of these Final Fantasy spinoffs for the PSP sold 2.21 million. The second sold 0.85 million, a decline of over 61%.
- LittleBigPlanet - The PSP version sold 2.51 million, compared to 1.09 million for the Vita version. That is a 57% decline
- Sly Cooper - The second PS2 game sold 1.81 million, compared to the third's 0.83 million. A decline of 54%
- Resistance - The PS3 trilogy sold 4.29 million, 2.44 million, and 1.45 million copies each. Those are declines of 43% and 41%.
Xbox Exclusive
- Gears of War - The third game sold 6.14 million compared to Judgement's 1.53 million. This is a 75% drop.
- Kinect Sports - The first and second games sold 6.06 million and 2.29 million copies, a decline of 62%.
- Dance Central - The second and third entries sold 2.01 million and 0.79 million copies, a decline of 61%.
- Forza - Numbers 4 and 5 sold 4.45 million and 1.95 million respectively, a drop of 56%.
Multiplatform
- Kung Fu Panda - The 2008 movie tie-in sold about 6.37 million across platforms, thanks to bundling with the 360. Kung Fu Panda 2, released in 2011, sold about 0.67 million, a drop of 89%.
- Castlevania: Lords of Shadow - The 2010 original sold 1.71 million. The second, released in 2014, sold 0.34 million. This is a decline of 80%.
- Dead Island - The original sold 4.72 million. Riptide sold 1.43 million. A 70% decline.
- Star Wars: Force Unleashed - The original sold 9.85 million. The second sold 3.76 million. A Decline of 62%.
- Devil May Cry - Devil May Cry 4 sold 2.91 million copies, compared to DmC's 1.19 million. The drop is 59%.
- Soul Calibur - The fourth game, released in 2008, sold 3.01 million copies. SCV sold 1.28 million copies. The decline was 57%.
- Guitar Hero - GH3 sold 16.29 million, World Tour sold 9.96 million, Guitar Hero 5 sold 4.85 million, and Warriors of Rock sold 2.58 million. That's roughly a 54% drop every year. In comparison, Rock Band fell less quickly.Batman Arkham - Arkham City sold a total of 10.63 million. Arkham Origins sold 4.40 million, about 41% of its predecessor.
- Medal of Honor - The 2010 version sold 5.82 million copies. Warfighter sold 2.85 million, a decline of 51%.
Note: Sports series like Konami's Winning Eleven and EA'sPGA Tour, and NBA Live series have all seen notable declines as of late.
That's all I have at the moment.