X dollars, Y developers. That's all that matters.

That assumes the indie market is a only feeding on its existing audience. Minecraft's money didn't come at the expense of indie developers; it came from EA and Sony and the other big publishers.

I don't dispute the rest of his thesis, but that "X" is big enough for all "Y" of the indies to pay their rents for a long time if divided evenly.

I think the quality problem, the discovery problem, and "alpha fatigue" from games that are never finished are bigger issues.