TLDR; With walled gardens being everywhere I don't think they are going anywhere just yet. Growth did go over to mobile (as predicted) and PC. But the '30%' is too valuable and that isn't being given-up anytime soon.
Right now there is a perfect storm of consolidation, post-pandemic slow down, an economic downturn and an end to cheap borrowing - all of which have hit largely at once. And hence the drying up of funding, job layoffs and slow-down across everything. Not just consoles, but PC too. And more importantly the move towards services. On everything.
In terms of the current console manufacturers I don't think they are apples-to-apples comparisons. Microsoft are at (or have been for a while) a tipping point where they need to choose whether they are a multi-platform publisher or platform holder. It's not sustainable for them to be both and it's clear there has been a change in strategy recently but I don't think they are at a point where they are ready to give up on that walled garden even if they go handheld. Which would still be a console btw. Again that may just be another wrong turn. Their issues are mostly failures of management for the past decade plus.
Sony's lack of growth and tight 5/6% profit is seeing them transition towards live-services. I think they risk making the similar mistakes as Microsoft, where decisions risk sales of their own hardware in the long-term. If they transition too far towards live-services and it negatively impacts their other output then I personally won't be buying more PlayStation hardware. However it should be noted for a long-time now have reversed the up/down roller-coaster ride of debt years to finance new hardware. Their growth is consistent. Something that '30%' allows them to achieve.
Nintendo don't seem to be doing badly or changing strategy. More visual success in licensing and selling of their IP rights (theme parks, movies etc) which some people are trying to spin as a 'new narrative' but I think that's just the results of their IPs being so strong and people growing-up with them. Switch might even become the highest selling console of all-time. They are doing well.
I think like the OP, PS5 and Series X|S have not been as strong as previous generations although Steam Deck & Switch (previous gen I know) have been killing it. I've been very happy gaming on all platforms catching up with my backlog and playing more indies games than ever. And this gen for the first time being able to maintain a Linux PC as a daily driver which is sometimes used for gaming - is brilliant. And points positively towards being able to ditch Windows in the future. Steam Deck and the availability of GPUs at (somewhat) lower prices again has brought me back to more PC gaming (Steam if I'm being honest). However I would be happy to commit a future purchasing of Steam Deck 2, more PC games, Switch 2 and maybe PlayStation 6. It's just Xbox I've lost all faith in and see as a legacy box moving forward. It will be interesting to see if and how that viewpoint changes over the next few years.
Right now there is a perfect storm of consolidation, post-pandemic slow down, an economic downturn and an end to cheap borrowing - all of which have hit largely at once. And hence the drying up of funding, job layoffs and slow-down across everything. Not just consoles, but PC too. And more importantly the move towards services. On everything.
In terms of the current console manufacturers I don't think they are apples-to-apples comparisons. Microsoft are at (or have been for a while) a tipping point where they need to choose whether they are a multi-platform publisher or platform holder. It's not sustainable for them to be both and it's clear there has been a change in strategy recently but I don't think they are at a point where they are ready to give up on that walled garden even if they go handheld. Which would still be a console btw. Again that may just be another wrong turn. Their issues are mostly failures of management for the past decade plus.
Sony's lack of growth and tight 5/6% profit is seeing them transition towards live-services. I think they risk making the similar mistakes as Microsoft, where decisions risk sales of their own hardware in the long-term. If they transition too far towards live-services and it negatively impacts their other output then I personally won't be buying more PlayStation hardware. However it should be noted for a long-time now have reversed the up/down roller-coaster ride of debt years to finance new hardware. Their growth is consistent. Something that '30%' allows them to achieve.
Nintendo don't seem to be doing badly or changing strategy. More visual success in licensing and selling of their IP rights (theme parks, movies etc) which some people are trying to spin as a 'new narrative' but I think that's just the results of their IPs being so strong and people growing-up with them. Switch might even become the highest selling console of all-time. They are doing well.
I think like the OP, PS5 and Series X|S have not been as strong as previous generations although Steam Deck & Switch (previous gen I know) have been killing it. I've been very happy gaming on all platforms catching up with my backlog and playing more indies games than ever. And this gen for the first time being able to maintain a Linux PC as a daily driver which is sometimes used for gaming - is brilliant. And points positively towards being able to ditch Windows in the future. Steam Deck and the availability of GPUs at (somewhat) lower prices again has brought me back to more PC gaming (Steam if I'm being honest). However I would be happy to commit a future purchasing of Steam Deck 2, more PC games, Switch 2 and maybe PlayStation 6. It's just Xbox I've lost all faith in and see as a legacy box moving forward. It will be interesting to see if and how that viewpoint changes over the next few years.