I don't know much about music, I just want something to Dad dance to.
Actually there's also the factor of IP lawsuits, economic efficiency and levels of accessibility to music making technology.
Lots more people are able to make music. There is less demand for recordings from record companies as more routes to publishing have become available. Record companies have streamlined their economic interests to reflect the reduction in demand for their product.
Record companies also have better information on who is buying what and when. Where before everyone worshipped at the altar of creativity and novelty as being the key to success, now it's looks a song that is crafted within certain parameters, a certain look to the lead singer, and a whole load of slick and persistent marketing. Creativity doesn't matter that much to the record company's target demographic (which seems to have been tweenies for quite some time)...so one could argue why even consider record companies as part of the creative side of things any more?
Then add onto all of that the fact that song writers/artists are constantly under threat of being sued by anyone with a back catalogue and the remotest hope of establishing they had a significant influence over that song writer's process...which, arguably is impossible to avoid given the amount of back catalogue out there these days.
Sure, these factors aren't going to stymie the most dedicated and persistent artist in itself but the business isn't as romantic and glamorous as it used to be. It's a bit of a wet blanket.
Anyway, music today is shit. It all went to pot in the mid 90's.