If you have not checked out Game Theory with Scott Steinberg, you probably should. The site is part video series and part online magazine that explores the video games industry with deep insight and analysis from the perspective of the industry’s most celebrated innovators, which includes the field’s top designers, executives, journalists and academics. Together, the show and website provide viewers with an inside window into, and the most informed take on, the $20 billion business of gaming and interactive entertainment.

So the guys over at Game Theory have a new documentary up, titled “Time for a Reality Check“, which explores whether the industry has learned its lesson in lieu of declining sales. Check out the press release below and of course, you can watch the documentary right here on Nine Over Ten 9/10:

SEATTLE, WA (August 10, 2010) – Game Industry TV™ today announced the launch of episode two of celebrated video game show “Game Theory with Scott Steinberg™,” which asks whether or not the gaming industry has really learned its lesson in the face of continued sales declines and studio closures.  Titled “Time for a Reality Check,” the documentary, available now at www.gametheoryonline.com, explores whether developers and publishers like Activision, UbiSoft and Electronic Arts are really adapting fast enough to survive in the face of growing competition from social networks, downloadable titles and free online games.

Taking a closer look at the key issues impacting the video game business, including changing player habits, growing economic concerns and the rise of mobile and online platforms, it explores the continuing shift to digital distribution and monumental changes that have followed. Featuring commentary by Electronic Arts founder Trip Hawkins, The Sims creator Will Wright, Gaikai CEO David Perry and other noted industry leaders, the video reveals the extent of the historic upheavals impacting the gaming business, and what it takes to evolve in their wake.

The second in a multi-part series on both the state, and utter reinvention, of the video game industry, it offers the most candid account of what’s happening behind the scenes today from those who know best – the field’s biggest names. For more information, please visit https://www.GameTheoryOnline.com