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Napster/MP3 had a big effect on what people good hooked on and turned on by. It wasn't so much that your average person was, or is, downloading as a primary means of access. It's that the trendsetters, the people who go see the locals, who create the buzz, and then the people who buy the albums and see the concerts of bands on the rise. They're browsing through single songs now.
It's not about being for or against downloading or pirating as a commercial issue. I tend to support it as a way of getting publicity for a greater variety of bands, and cutting the massive overhead the industry collects. It's that in 1984, your friend bought Defenders of the Faith or Born in the USA, and you copied it on cassette. Now, you burn a CD of songs from all different bands. You get compilation albums. I doubt you're going to delve much into the back tracks. And most importantly, the tracks that are more of an acquired taste never get play. In 2004, Led Zeppelin would have put out III, gotten downloads of The Immigrant Song, maybe also of Out on the Tiles, maybe with airplay for Immigrant, and the rest of the album would have been ignored. So reeling from defeat, Zeppelin IV would have sounded much, much different.
Top 40 has always been around, and some successful rock bands have done well in it, some not. The problem I see with it is that there no longer is a general radio audience. For instance, I just googled a top 40 list for 1974 with peak positions. With multiple top 10 hits are a range of people including John Denver, The Eagles, Elton John, Barry White, The Guess Who, Neil Diamond, BTO, Chicago, and Olivia Newton-John. You also get chart hits from some of the bands that are more known as AOR or Classic Rock bands (Doobies, Eagles, ELO, Skynyrd, Clapton, Styx, Golden Earring for instance). Even in the death grip of disco, top 40 stations would break into AOR (1979, for instance, saw top 20 hits from Styx, George Harrison, Van Halen, ELO, Foreigner, Supertramp, and Dire Straits, some of these bands getting 3 or more top 10 hits.)
So where is top 40 now? It's had the rap/r+b taken out into its own format, country doesn't cross over, crooner music (if it exists at all outside Nora Jones) is a rarity- older listeners hide in boomer oldies formats, and hard rock sticks to hard rock (where it needs to stay hard to maintain credibility), while classic rock stations vigilantly maintain a fossilized playlist. What's left? boy bands and divas. This squeeze happened a while ago. Even by the late 80's, there was little room left for people like ZZ Topp outside their period of highest success, no room for Stevie Ray, and no room to support the guys who would have otherwise gotten the exposure by putting out the top 40 single.
That's a long answer, so let me condense it, and then go to bed. Media changes have impacted on the format, but the death of rock as it once was is more related to the fragmentation of audiences which has left no room for new rock to percolate up. If there were room, you'd see it coming up in a general top 40 format (just like the critters quoted at the start of the thread), and then those bands could get the album exposure. Even with the total death of albums, you'd still get the singles scene from the late 60's, where a rock band would live on a few hit singles each year.
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