There was a time till the early 70s that we used to watch test cricket and only test cricket. Infact people used to eagerly wait for a cricket match. The schedule never used to be so tight. It was in the early 70s, the shorter version of cricket viz. 50 overs cricket took birth. It soon gripped the eye balls and became popular.
Last decade saw the emergence of T20 cricket mostly in the domestic cricket of England. This form of cricket was the biggest tool to commercialise the game of cricket. It is as short as watching a movie. Total 40 overs with a small break in between makes it fun to watch and less time consuming. So people prefer watching T20 and it provides more fun with more runs and more sixes.
Somewhere the cricketing world feared that test cricket is losing its importance. But the fact is none of the cricket format has lost its significance. Whenever a test series is played nowadays, the matches are so interesting. The test matches which used to be dragged in a draw few decades ago, now generally end in a result. Infact few of them are nail biters as the result is decided in the final over. Honestly thanks to the approach of limited version of cricket, which has changed the attitude of cricketers playing in test cricket. Rather than hanging on the pitch for long time; batsmen have started scoring runs. Similar is the change in attitude of the bowlers. We now see more result oriented matches than draws.
Similarly few of them felt because of T20 format, 50 over matches are losing interest. But after cricket World Cup 2011, even this theory has been written off. Most of the matches in this world cup were very interesting. This world cup has been a grand success.
Overall we could say this great game is still safe because cricket fans still love all the versions of the game. And above all, true cricket is the 'test cricket' which still survives proudly after ages and ages.