Second, more thoughtful reaction: Oh -- Cowen and Company's Doug Creutz was speaking in terms of business. That makes a little more sense. Speaking to Edge, Creutz espoused his belief that "non-traditional" formats like the iPhone and social gaming have not hurt the core gaming market. Rather, said Creutz, "We believe that these newer gaming media represent a distinct and non-competitive market segment from console gaming, which is dominated by the core gamer." He elaborated that while casual titles didn't fare as well in 2009, the sales of core titles were still strong (a reasonable belief).
According to Creutz, the "difficulties" faced by the industry are the result of the "relatively slow uptake" of the PlayStation 3 and Xbox 360, thanks in large part to their high price points. However, now that both the PS3 and 360 have reached mass market prices, the console cycle will "reaccelerate to the benefit of the publishers that are positioned to take advantage."
Creutz sentiments seem to be in line with many of the major game publishers, as both Capcom and EA have expressed dissatisfaction with the Wii market, with a Capcom spokesperson outright declaring, "If you're not Nintendo, it does seem harder to make money on the Wii today compared to the PS3 and the Xbox 360". Meanwhile, Ubisoft has announced that it plans to "refocus" its efforts on the Xbox 360 and PS3 in 2010.