No; I think the bigger threat to gaming is the realization that good games don't necessarily equal good sales. Companies are companies because they make money; that's the goal of companies. Software companies included. I believe that if more people buy the same processed games every year, they're essentially sending a message that says "Innovation? Pfft, I just wanna shoot people in a game that essentially is the same as it was last year, but with SLIGHTLY sharper graphics and a new gun!"
Companies will learn from this, and say to themselves: "We could spend a lot of money on a new franchise that'll probably be an awesome experience but won't sell well since it doesn't have people shooting other people in a military setting, or we could spend a fraction on the same ideas we've been churning out year after year and break previous sales records."
tl;dr: Sequels are harmful, popular sequels are deadly, and cashcows are the insta-death to the gaming industry. We just need to pull together to find the Phoenix Down.
Don't get me wrong; I love shooting things. Especially virtual people. But I don't buy the newest Call of Duty game for full price. Maybe $10~$20, and only because the one I'm playing now is full of hackers, considering the mass volume of players moved on to the newer titles, which means less support for the older ones.