I don't think it has ever been so bad, where an outside force has needed to step in and help (to my knowledge)... Gaming, whenever in a slump, has always been able to pull itself back out.
Only during the video game crash of 1983, but that applies only in the United States, as other regions were not affected. The "crash" did not affect gaming worldwide as many seem to think. Europe and Japan was not affected (Nintendo's Famicom was selling during that period), so do PC gaming which was in its early years.
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