Is content licensing a shrinking or growing market?

Some people seem to feel that licensed content is going out of style and prefer all exclusive work. Some people seem to feel that exclusive is more of a nuisance and expense than it is worth and licensed is a plus when possible. It strikes me that there seem to be fewer general content providers now than there used to be and the ones which remain have fewer new sets on offer.

Do you think this means that the industry needs more content stores or that the demand for nonexclusive content just is not there any more? Is content licensing a shrinking or growing market?