Has prophecy failed?
Yes, the Bible says the apostolic gift of prophecy would only last the forty years during the ministries of the apostles. There was no further benefit or need for such an incomplete and partial gift after the scriptures were completed (I Cor 13:8-10). The Pastoral Epistles of Paul make no mention of Timothy or Titus exercising any prophetic ability or gift – they were to study the Bible (I Tim 4:13-15; II Tim 2:15). The inspired scriptures are a more sure word of prophecy than hearing God’s voice from heaven in the presence of Jesus, Moses, and Elijah (II Pet 1:16-21). There is no prophet on earth that can fulfill the requirement for a prophet (Deut 18:22).
No prophecy of God has failed: all of God’s prophecies have been or will be fulfilled perfectly. But the childish apostolic gift of prophecy ended around 70 A.D. when the church entered into manhood with the finished scriptures able to make the man of God perfect without prophecy (I Cor 13:11; II Tim 3:16-17). Who would want to listen to a prophet when we have the Bible!