Even though I am a child of the 60s I have always managed to find new music to leave its mark on me. But then having music on is a huge part of my day.
Music is probably at it's most diverse state it has ever been in, not in the mainstream though. More new artists are using the interest to distribute their music and gain awareness, free from control buy the record industry.
This means we no longer have a more "common collective" memory of music for each generation, there is so much through so many channels that the huge bands of the past will get even more sparse than even now.
This is good though imho, there is always that next gem of an artist to find :)