Epic Games' Tim Sweeney was quoted by Edge as saying: "You'll see lots of triple-A stuff coming out over time. The industry's changing - this generation it seems like there are about a third of the number of triple-A titles in development across the industry as there was last time around - and each one seems to have about three times the budget of the previous generation. I think we're heading towards a future where triple-A is the minority."
Given Epic's position as the premier provider of third party engines for triple-A development, you'd expect these numbers to be accurate.
Epic Games themselves are working on three big projects including Fortnite. So while triple-A is far from dead, the industry is certainly changing.