I mean, console sales decreased in the 80s and never went back up, right?
The reality is that a lot of people haven’t migrated from the previous gen. Partially because of supply chain issues from COVID. Partially because of economic uncertainty.
Stuff goes in waves. Time will tell. But in terms of “core” gaming, consoles still continue to dominate the “casual” market. And I suspect we are more likely to see “core” gaming going away in favor of mobile than for PC to suddenly dominate at the AA/AAA level.