Tempmal,
You need to understand that alot of the statement I make are due to the background and training I have.
From a business perspective, given the rate of inflation, rate of population growth, monetary valuations in comparison over time a market is said to be booming, stagnent or dead.
Although from a flat monetary standpoint, you say that the current market is larger than what is was, you may be looking at comparing the current gross sales values and comparing it to previous years sales values. This does not work. A dollar today can be worth between 2.6 to 3.7 percent less than last years dollar. Given the inflation that occured in the 90's, that figure is even more extreme. That depreciation is cumulative. Even with only a 2% cost of living depreciation (that is very low) a dollar today has less than 60% of the purchasing power it did 30 years ago. (we all know that prices have gone up alot more than that, but, for example purposes, the figure works).
Now, for an investor, he wants to earn enough money from his investment so that he exceeds the cost of living depreciation + the taxes on that money earned. Since investment tax is one of the highest tax rates you will pay (the highest in some areas), you need to earn at least twice the rate of inflation just to end up with the same amount of money you had at the beggining of the year. If you want to actually have any real income from it, you would need at least 3-5 times the rate of inflation. From that you can determine your rate of return. Most investors want an 11-14 month ROI on investments when dealing with small business as they do not have faith in the environment (this is why interest rates are so high for business loans). Others will settle for a standard 6-7 year ROI if they have confidence in the operation.
So for a market to be considered booming, you need to meet or exceed the 1 year ROI while a stable market will require to meet or exceed the 7 year ROI. ROI means that you get 100% return of you intial investment, or, in other words, after one year, the investment has returned to your pocket exactly what you gave it, but, the investment still owes you exactly or more than what you gave it - effectivly doubling your capital.
When a market, although growing, does not grow in sink with the cost of living, will end up shrinking your investment. That means, that although the company is bringing in more dollars than before, it's purchasing power is less. This is considered a dead market.
Although some companies are experiencing booming or stable growth, the rpg industry as a whole is dead from a corporate investment viewpoint.
Other leisure markets are booming and that is where the growth is being seen. It does not mean that rpgs will never experience the boom again, it just means that from the current financial standpoint, the market is dead.
Hope this clears up some of the misunderstanding.
best regards
Dalton