So the funnel must be having a way steeper dropoff than in the CD era?
Far more music being released but getting people to come listen to it live being very hard?
I read this article which seems to support that hypothesis : https://towardsdatascience.com/hot-or-not-analyzing-60-years...
It talks about there being fewer artists on the charts, and "a reality where there are a few artists releasing a ton of music — most of it doesn’t last, but the songs that do stick, stay for long".