E3 was ultimately about selling to the big chains. Spielberg didn't get half the red carpet treatment that the head buyer for Toys R Us used to get. Think Cannes rather than SDCC.
With consolidation both of the retail markets and the publishers its become more effective to put on individual mini-shows on a publisher by publisher basis. Certainly EA got sick and tired of put on a massively expensive dog and pony only to be unfavorably compared to everybody else. It started turning into a losing proposition about seven years ago.
I do think that PAX will continue to grow, and there's clearly a growing games presence at the SDCC that I think will explode if/when it escapes from the limited confines of San Diego.


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