It's still going strong!
We took part in a Battle of the Bands recently, and there were 27 bands in it, we were the oldest by far... And they were all from a small area of the Welsh Borders, and all were relatively traditional in that they had bass, drums, guitars and vox; musical styles were very varied too.
People have been saying "music's not like when I were a youth" since before the days of Methuselah!