I have no doubt that the author has experienced these issues and also agree with him on some points. However here's where the error lies - drawing conclusion from your personal experience and extrapolating it to the entire sector worth perhaps 100 billion dollars and predicting it's impending doom. That's just not how reality works. There will be dozens if not hundreds of examples contrary to your experience.

There may be declines, there will changes, restructuring, recalibration, pains, growth etc. Life and business will go on albeit with changes. A broad vision always helps keeping things in perspective in drawing such conclusions.