AAA gaming - as we have known it - is dead as long as major platforms continue with 30% commissions. All of the profits accrue to the platform owners, with studios either failing or being acquired by them.
The end result is a weak industry mostly dominated by skinner box free2play games or gambling apps.
AAA games are most likely doing better than ever. Which might exactly be the problem why E3 is no longer relevant. The platform owners and big game publishers now prefer to host their own announcement events at different times of the year instead of having to compete for gamer attention all within the same crammed time window of a few days.
The end result is a weak industry mostly dominated by skinner box free2play games or gambling apps.