One thing really to consider. Had Panasonic made an effort to complete and put out a good product with their LCD TVs, they might have been able to keep plasma around as a niche enthusiasts product (at least for a little while.)
Really though, Panasonic's financial issues and the early death of plasma (plasma is ultimately doomed due to industry direction) has little to do with the TV market in general. They were hammered by the Japanese earthquake (and before that, the Thailand floods). They also made a bad choice in buying Sanyo for battery technology since competition from LG and Samsung made prices bottom out.
So, you have a company that's in bad financial straights through problems not even caused by the display industry that's forced to cut costs anywhere they can so they can remain competitive in the display industry. They know plasma's days are numbered because the industry is moving towards 4k and that simply won't be viable on plasma without a huge R&D breakthrough. So, the only logical course is to double down on LCD and concentrate all efforts there.
However, I feel it was shortsighted of them to end OLED development even though they may not have had a choice due to financial concerns. If LG and Samsung manage to make cost effective panels with good yields, then it's more or less game over for both Panasonic and Sony as far as TVs go. I can see Panasonic exiting the TV industry entirely and Sony focusing on theater projectors and licensing out video processing technology to TV manufacturers.