> And lots of game companies keep going bust or get bought out by the bigger ones.

I'm not sure I'm seeing the same. The gaming industry is going strong, and increasing consolidation isn't really a sign that the companies being acquired are in financial trouble, it's more about the strength and dominance of the biggest companies. And even those biggest players are continuing to release non-subscription-based titles. I'm not saying there aren't struggling gaming companies, but to me it seems that the majority are doing well for themselves, certainly there's nothing so monumental in the industry as to make me think "they're all losing money because they're not all moving to subscription services".

Square Enix also isn't really representative of the average gaming company. FFXIV seems to be their primary product in general, especially in the American and European markets. The products they cite in other sub-segments of digital entertainment are far more niche and many don't seem to be as well-received critically. They also focus a lot more on Japan than other gaming companies, for obvious reasons, which makes direct comparisons even harder. FFXIV is definitely their main cash cow due to the situation that company is in, but there's not nearly enough to map it to some sweeping industry-wide conclusion.