The facts speak for themself. The industry can't sell subscriptions anymore for the games they are making. If the product is so good, and this is what people want, why can't they attract anywhere close to the numbers EQ had 15 years ago, even when giving it away for free?
The industry as a whole is orders of magnitude larger than it was 15 years ago. And the market has gone mainstream now, where 15 years ago it was just nerds making games for nerds (remember when we used to call them nerds?). There are lots of titles that fail, but that's a product of the fact that there are dozens of companies and hundreds of games in release or development at any one time.
If the game is fun and people like playing it, then they will line up around the block to give you their money. A lot of new MMOs are not fun, and people don't enjoy playing them. Many of them just rehash the same tired old model that has been done twenty times before with a new skin, and many game makers are so consumed with trying to make a game that you have
to play, they forget to make a game that you want
to play. Game companies are no different than other companies in this way; a lot of them just have no good ideas, no ability to execute, and disgusting, condescending attitudes toward their customers. Some don't, and those are the ones that will win once in a while . . . if they're lucky (and if they can get enough money to try).