The Consumerist reports that the bottom has fallen out of the movie market. Expect only to see sure fire sequels and easy bets.
Expect the same in games. It’s easier to snuff a movie as everyone working on it is freelance, so likely the games industry will hit that wall a little later.
Probably the next six-nine months will be fine as games that are finishing up will still be financed, but where we will really see the pain is in calendar years 2010-2012 because no 2-3 year projects will be starting in the 2009 unless it is a big name sure-fire franchise. I wouldn’t expect any Bioshock-level surprises to come out of left field. Even smaller bets like The World Ends With You will likely be snuffed (in America, at least).
This is just a guess, of course. I hope to be wrong.