I’ll give a sincere response to this. Is pinball failing? Yes and No. It all depends on how you look at it.
I’m seeing shows like Texas, Louisville, and MGC grow with larger crowds every year. Ann Arbor is selling out quicker and quicker every year. So, in my opinion, the popularity and interest is growing.
I am a EM collector, prices in the EM market are going up. My last two EM machines cost me more than I paid for my last 5 games.
As for the other side of the argument, the prices for new games are getting ridiculous. So if your looking for an answer if pinball is failing, you can start with the pricing and quality of machines being produced today.
Gambling machines are replacing pinball machines in bars. All of my bar customers that had at least one pinball machine in their bar have replaced them with video gaming machines. I asked my one customer why he removed his Harley Davidson machine that he actually owned, he said the gaming company had him remove it because they did not want the competition.