As many have pointed out, the cost of developing a game has escalated to a level where few companies can afford it. I wonder if the development industry is ripe to move from vertical integration to further specialization.
For example, we could have a standardized 3D environment format, where some companies specialize in creating those. Other companies could specialize in creating characters, others physics engines, story development, or direction.
An added benefit of this is a potential for game worlds to connect to each other (this has always been a dream of mine).
I know the industry is already specialized into development studios and publishers. I wonder if further specialization could spread out the risk, and increase the competitiveness of each party, even more.