The situation now is more like the old studio system - they broke down in the 60s or so, partly because of government anti-trust action (studios also owning theaters, etc.) and partly because of increasing unionization (that model makes it quite hard to switch jobs for better pay, especially when there are very few players).

I don't think the video game studio system is under that kind of pressure, but it also allows independent studios to function.

(I find the modern movie and TV industry similar to the tech world, where each movie is a startup. That's even how a lot of the business are structured - directors and writers put together a pitch, sell investors or production companies on it, and then form a company to produce the film.)