Yeah this is partially true... the female/kids/family demographic that ate up Crash on PS1 seems to have deserted consoles entirely. This has also hurt GameCube relative to N64 (though to a lesser extent)... I think Japanese kids are happy enough with just GBA.
Still, all Sony's new efforts have fallen way short of the success they managed with Crash & Spyro... that has to be a little troubling for them considering the resources they've pumped into making and promoting these new mascots.