While there are undeniably great games in the past, I think people really, really tend to underestimate how much utter shit there was. Same goes for movies.
You can probably list a dozen or so movies coming out this year, and most of them will be mediocre, but if I gave you an earlier year, you'd only be able to tell me the biggest box office smash hits of that year. Why? Because we forget shit. You have any idea how many movies have been made of the Titanic? Me neither, but holy fuck is it a lot. Even the Nazis made one. But you only remember one, right?
Can you name any films from 1912? Probably not, but there were an asston of them. They just weren't great, so we forgot them. Most stuff of that period was, in fact, mindless fucking tripe.
Now tell me all the movies you can think of from 2012.
You think anyone will give a fuck about most or even any of them in 2112?
Fuck no. They'll just remember one or two from the entire decade that were considered the best of the best, and they'll look back at right now as the golden age of film making and they'll moan and wail about how companies are so caught up in 5d that they can't make good films like they used to and how commercialization has ruined film in the 22nd century and oh god why couldn't things be like they used to back in good old 2012.
Going back to games... Good god, I hope you realize what utter shit many old games were. The gaming industry nearly choked and died from it. ET became famous for being shit, but there was plenty of shit that was shitty enough to be shit but didn't achieve legendary shit status. Seriously.
There was a lot of shit.
There were also a lot of games that were just O.K. Games that were decently playable but not memorable. Most games are, were, and will always be just mediocre. We don't remember those either.
We look at the past and see only the shining paragons of gaming. The games that withstood the test of time and became classics. We don't remember the release bugs, or the controversies that happened over a decade ago. We just don't care.
I'm pretty young, I'll admit, but for as long as I've been able to track, the entertainment industry has been "failing." Constantly. It never fails, just stays failing. Next years films and games will be always be horrible. Any good ones last year were the last of their kind. We believe this year after year, on and on, apparently to the end of time.
If the sky is falling, it's been doing it very slowly.
I don't think we should be worried.