There are over 70 000 games on Steam, hundreds of current gen games for console, thousands of last-gen games, and an unknown, but massive number of games released across the history of the medium. So, if you feel like you have nothing to play because the release calendar is looking sparse, you only have to look back for the masterpieces you've missed.
I've thrown a few numbers out there already, but take any successful console, and you'll find thousands of games that were made for it. The PlayStation 3 has something like just over five thousand titles, the PS2 isn't far off that number, and those are just two notable systems. Even if you canceled out all cross-platform duplicates of games, you'd still have more games than any one person could play in a lifetime.
If we apply Sturgeon's Law (that 90% of everything is crud), that still leaves you with more games than you could ever play. Even if you just narrowed it down to the best ten percent of the handful of genres you like, you almost certainly haven't played them all, and most people aren't that narrow in their focus.
My point is that there are a lot of games, and unless you're some sort of immortal gaming vampire, you definitely haven't played even all the best ones.
One part of the reason the claim that "there's nothing to play" irks me so much is that the people saying it are only interested in new games. There's this general sense that older games are obsolete in some way, and that newer games are better simply by virtue of being new. You might think this only applies to games with graphics or mechanics that nowadays gamers can't tolerate anymore, but there are plenty of people who aren't even interested in playing games from last year.
My personal suspicion, at least for some folks, is that it's not really about video games, but about the social experience of gaming. So, since no one is actively talking or engaging with games
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