I was a teen in the 70s and music was a primary form of entertainment at the time. Then along came computers, the internet, social media, iPhones, apps, etc. Music is just background noise for many youth. A soundtrack to their online life.
Not every kid, of course. But music is no longer the major player in entertainment that it was 40 years ago. But I agree, I doubt live music will ever go away completely. It is too powerful an experience.