Old music isn't 'killing' new music. It's just hanging around being good.
New music is killing itself. More autotuned, more melodically simple, fewer instruments, very few harmonies and so fragmented you may never, ever find that song you heard from the neighbors house.
What little large-market music there is is sanitized, same-ified, soundalike garbage.
I'd say there's no Prince, no Floyd or Dire Straits but for all I know there is. But only fifteen people have ever heard them and they damn sure aren't going to be allowed on your local FM station