The popular opinion regarding E3 is that the former spectacle that is the Electronic Entertainment Expo is dead. Wedbush Morgan analyst and Jedi knight Michael Pachter is among the many calling E3 dead, saying in a note issued this morning “the spectacle of E3 is dead.”

Can’t get more clear than that. Here’s a part of Pachter’s latest note:

The show was small in scope, and the spectacle of E3 is dead. The Los Angeles Convention Center concourse was as quiet as a college library during summer, with little to attract media attention.

The main game display area was similar in size to a school cafeteria (as compared to filling the entire convention center), and the “fireworks effect” of past shows was reserved for the evening parties. The best of these was MTV/Harmonix’s extraordinary “party” with mood music provided by The Who.

In our view, E3 is headed for extinction, unless the publishers and console manufacturers wake up to the fact that nobody cares about the show anymore. We believe that show is ill-timed, coming after most major holiday announcements are out, and landing during “quiet period” for most of the companies (making meetings with investors near-impossible). The lack of a spectacle will likely keep media away in the future, the lack of surprises will keep retailers away, and the lack of interaction with management will likely keep investors away.

Without these three constituencies, the show will likely lose its relevance. We strongly believe that E3 should be held no later than early June (when companies can meet with investors and when some “secrets” have yet to be revealed), and believe that the spectacle should be restored by increasing the size of the show space.

I say you take the event back to E3 ‘03 size, and relax a bit on the “invite only” policy. Don’t let everybody with a 1UP shirt (the mushroom, not the website) in, but do something that restores the party-like atmosphere of the event.

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