Every generation develops its own taste in music.
My parents in the 60's and 70's did not get into Sinatra and the big bands like their parents did.
I got into 60's music and some 70's but I also liked the 80's, which my parents abhorred.
Today, the kids are listening to the next step. (And as much as I hate to admit it a lot of what is considered country (which outsells everything) would have been considered pop-rock in the 80's).
As for rock, in the 60's with the Beatles the 50's kids yelled rock was dead.
In the 70's with Disco and Punk the 60's kids said rock was dead.
In the 80's with the hair bands, the 70's kids said rock was sold out.
It just keeps going because a generation identifies most with the music they listened to.
Granted, I don't see many bands in pop music today sticking around much, but neither did many of the previous decades bands.
Very few bands last after a few big hits. Been that way since the beginning of rock.
Also the blame that now the record companies don't take chances like they used to. They manufacture bands.
To some degree has merit A&R isn't scouring the clubs for bands anymore (mainly because not many clubs have live music like before, I blame the DUI laws people are scared to go out anymore and have a drink or 2.)
But bands have always been manufactured to some degree, record companies and management are always telling artists what they need to do. Hence, a band style changes or their look changes or their whatever is different all of a sudden.
The one thing I will say is CC and Viacom (MTV, Infinity Broadcasting and so on) do have a lot of say in what gets played but there are a lot of indie radio stations left. Just as you get older you get tired of listening to FM music and either play your own CDs in car or listen to talk radio.
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I just love people who use the excuse "I use/do this because I LOVE the feeling/joy/happiness it brings me" and expect you to be ok with that as you watch them destroy their life blindly following. My response is, "I like to put forks in an eletrical socket, just LOVE that feeling, can't ever get enough of it, so will you let me put this copper fork in that electric socket?"
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