I'm late to the party (pal), as Ted Gioia has made a couple of TV appearances talking about his essay on how older music is crowding out new music.
I think it is, and not just because a huge percentage of new music is, um, gunk. A few years ago a band called Walk the Moon had a very catchy hit called "Shut up and Dance With Me." In addition to being a neat reminder of the classic Pearl Harbour and the Explosions "Shut up and Dance," it was a fun 80s-sounding throwback that topped the US rock charts and hit No. 4 on the Billboard Hot 100 pop chart. The next single managed #4 on the rock chart and #65 on the Hot 100. Two subsequent releases cracked the top 20 on the rock chart but showed up nowhere else. "Shut Up and Dance With Me" would probably have earned Walk the Moon a couple of top 20 albums back in the 80s and a career that would last at least as long as Loverboy's.
Gioia offers a much more detailed take, but it seems to me the upshot is that the modern audience attention span isn't long enough to keep new bands or performers on top for much more than a song or two. And the music industry responds, which means we never really get to hear how a group or a singer might sound after maturing or gaining experience with songwriting and playing.
Kind of depressing. Think I'll go play some Meat Loaf. Which might mean I'm part of the problem, but since the new music I hear is usually very niche-y in style, there's not much chance of them falling from the charts.