I'm surprised to see this getting upvoted. I find it rather unconvicing. There are many problems with it.
> The current list of most downloaded tracks on iTunes is filled with the names of bands from the last century, such as Creedence Clearwater and The Police.
Well yeah, younger generations, who are much more likely to listen to newer music, have moved on to streaming, for the most part.
> Just consider these facts: the 200 most popular tracks now account for less than 5% of total streams.
It's easier then ever for people to find different music to listen to now. Not everyone listens to the same hits anymore. It doesn't mean people are listening to less new music. Their listening is likely just more distributed across more new music.
> Just consider the recent reaction when the Grammy Awards were postponed. Perhaps I should say the lack of reaction—because the response was little more than a yawn.
As the article showed, people don't watch the Grammy's anymore. This doesn't mean people don't listen to new music anymore. People look more towards things like The Needle Drop or streaming playlists then the Grammy's for music recommendations. Honestly, the Needle Drop's channel growth alone, should be enough to show that new music isn't going anywhere.
Overall, the vast majority of the points here can be attributed to the lower barrier to entry of making music, and to the new ease at which people can find the niche they like in new music.