My experience tells me that most people under the age of 30 want instant gratification and have ZERO patience. They want their favorite song, you know, the one that clocks in at an impressive 2.5 minutes tops. Anything longer and they're either bored or triggered. Not conducive to live music bar scenes.
A friend of mine has a 15 yr old daughter. She likes music and occasionally goes to shows with a parental chaperone, but she has zero interest in listening to music in any format other than individual songs. My friend is taking her to see Paul McCartney soon (she likes the Beatles), but she's not familiar with his solo material. She asked her dad "what song should I listen to?" Not songs, SONG. He didn't even know how to answer. How do you distill 40+ years of material into one 3 minute bite? Will she even have fun at the McCartney show, or resort to looking at her phone after a few minutes?
Is interest in live music dying? I don't know the real answer, but I do know that a lot of the bars my old band used to play back in Atlanta either closed or stopped booking live music entirely.