Video gaming veteran Electronic Arts (NASDAQ:EA) laid off 10% of its workforce this week, according to industry-watcher magazine Kotaku. The maker of The Sims, the Battlefield series, and the Madden Football franchise is trying to cost-cut its way out of a dying industry.

In this video, Fool contributor Anders Bylund highlights how far the traditional gaming industry has fallen under a sustained assault from smartphones and tablets. Can the old guard change quickly enough to survive in a totally different era?