Yes, I believe so. Decades ago, before the advent of the computer or the internet, writing novels was much more difficult. A novel which can be written in a year or two during the 21st century would have taken years as a full-time writer during the 1950's for example. Along with a higher supply of novels, there is a lower demand for novels also. People now primarily look for entertainment in movies, music, video games, television, and internet. Also, the classics dominate the industry. All the good ideas were taken. Many fiction books now are just clones of 1984 or Catcher In The Rye.