Clearly there’s more choices for entertainment these days. I would say this balances well with the increased availability of music. Like others on here, I do worry that the quick, cheap and easy access to music puts something tangible at risk. But if it stops people listening to Yes albums, there is always a positive side 😉
There will always be that core of people who will be lifelong music fans. If you look at the number of Sonos threads on here, there is still a big interest in hi-fi, just with more focus on the streaming and multiroom aspects. My expectation, as someone working in audio for a few decades, is that lots will invest in better hi-fi as they get older.