It wouldn't quite be right to say consoles are "dying", but there has been a definite move towards smaller games; with the advent of smart phones and social networks, quick time-wasters such as Angry Birds have proven to be extremely profitable. Following all consoles being connected to the internet and the rise of online gaming, other "quick cash grabs" such as DLC (particularly day one DLC and tiny add-ons like different player outfits) have also become extremely popular. In any event, publishers (and to a lesser extent, developers... I think) have made a push towards these smaller items which are just as (or more) profitable than the full game themselves.
How this relates to consoles mostly has to do with the fact PCs and smart phones are more adept at delivering smaller games, internet connectivity and all that; combined with their other functionality, they retain their other usefulness. Consoles technically have it as well, but their primary purpose has always been to deliver bigger games via cartridges or discs; if the bigger games go completely out of style, consoles are almost certain to follow.
However... the demand for big-budget grand adventures is one that will never completely die.
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The thing with online gaming and other of these "quick cash grabs" is that they are notoriously transient, they don't last; sooner or later, players will crave something meaty to keep them occupied for a good while. Even MMORPGs, with their infamously long play-times, can't genuinely match the feeling of going an actual "grand adventure". In fact, we have at least three very successful examples from the modern era:
Dragon Age: Origins
Often heralded as a throw-back to Bioware's older series, Baldur's Gate; nevertheless, it delivers an adventure which spans all of Ferelden and is guaranteed to last upwards of 40 hours to complete (in fact, it can easily break 60 hours if you do some of the side content). Heck, it's even best on the PC.
The Elder Scrolls V: Skyrim
Another game which is "best" on the PC, but I find that using a controller is better for the gameplay; easily done with a wired X360 controller, no other details required. Another huge game, a bit more free-form but still able to deliver over a hundred hours for the dedicated explorer.
Xenoblade Chronicles
The modern classic of what is commonly referred to as "JRPGs", the reminder of why so many of us loved the genre back in our younger days. To tell the truth, this could be the bigger than the two games above with everything taken into account; and it boasts the longest and best paced central story-line of the lot, at a minimum of 60 or so hours to complete (and the play-time could easily be tripled if you do all the side content). To think it's a Wii exclusive (with some rather lacklustre graphics as a result) and without any DLC is just the icing on the cake. Anyhow, people fought for this game to be brought over to this side of the Pacific; they succeeded, and it was worth it.
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There's a reason classics are called such, they're something which lasts despite the formula being older than the audience... because everyone still finds something they like about it. The current generation of consoles has all but forgotten what these are with the rise of easy-money games, DLC, and online multiplayer; but those won't be the ones players will remember, it will be those which made the effort to be the grand adventure. A few tried to stretch these out over trilogies and that... but honestly, even those pale in comparison to the games which do it from start to finish (and without DLC to boot).
Regardless of what happens to consoles, the grand adventure will always be in demand for games; and despite the publishers trying to do something else about it, just about any developer wants to make these types games as well. This trend can even be traced back into forms of entertainment older than gaming; even literature and oral story-telling show signs of this.
The best part?
Gaming just so happens to be the best way of delivering this type of experience.
I guess that strays a bit from the bit about consoles dying, but the grand adventure is firmly rooted with them. At worst, they'll become unfeasible due to being effectively assimilated by PCs. But the experience they were best at delivering will remain eternal, an ever present feature of the medium.