Without writing an angry letter to the internet, I'll just say that the last time I purchased an EA game, used or new, was probably 2006. The most recent EA game I own is Command and Conquer 3, and I received it as a gift for my birthday in 2007.
I guess my point is that some of us have been voting with our wallets for a few years now. Eventually, it'll get through to these publishers.
The truth is, EA isn't the only problem. In order to save time, I won't bore anyone with the details, but creating AAA titles with major publishers similar to EA, THQ, and ActiBlizz is simply not the most stable way to release a game. Deadlines are constraining. Budgets and expected profit margins set unattainable goals. There are other methods that, while smaller scale, can be more cost-effective when it comes to capital investment. For example, some games with crowd-funded development or independent development/publishing can flourish in today's markets with the advents of digital downloads and/or F2P models.
Most of any money I'm spending on games tends to be towards independent developers, whether in the form of stuff like IndieGala or Humble Bundle, or just using avenues such as Desura to acquire excellent "indie" games. I think it opens a lot of possibilities for the consumer and developer alike, but I digress.
Regardless, the truth is that while most games don't make insane amounts of money like Minecraft, plenty of them are successful enough for the creator to continue making games. I think just seeing the "Latest Content" section on The Escapist having a link for "Bastion Creator Reveals Transistor" proves that games can be successful enough to flourish without major publishers.
So, my answer, in short? Gaming will never truly die, and the industry won't collapse. It will adapt. If EA (or any other major publisher for that matter) falls, others will either rise to take their place. Or, possibly, the traditional role of a publisher will disappear. Developers don't need as much of a direct middle-man to distribute their games anymore, thanks to digital distribution.
The video in the original post has plenty of data to refer to, but suffice to say that the days of the $60 title are numbered. Especially the one that charges you $60, then more for DLC, more for a multiplayer pass, and more for micro-transactions that are simply cash-locked limiters.
This ended up longer than it was supposed to be, but suffice to say that developers will keep making games even if the audience is smaller, or if the amount of money involved is lower than it is today, or if the industry doesn't grow the way that stockholders and shareholders expect it to, as long as they can make a living doing it. Publishers, on the other hand, might not survive such a radical change in the usual cycle. Publishers who don't actually make anything will have a particularly rough time of it, especially if game design is rushed and sloppy in order to milk a cash cow IP.
Not going to try to predict the future, but if there is in fact a paradigm shift where consumers stop buying uninspired sequels, I'd expect that the average quality of each released title to be much higher than it is today.