Let's ask a different question: Rather than ask if old music is killing new music, what if we ask "Why anything new deserves to be appreciated just because it was recently born?"
I enjoy the fact that in this consumer society driven by new, new, new and how the whole purpose of Billboard and the music industry was geared around the next thing pushing a relatively "old" song off the charts drove sales - that good music doesn't fade away because of recency bias.
The constant pressure that the next thing is always better than the previous great thing is great to generate desire for consumers to acquire things and keep up with the Joneses. However, when you reach a point of satisfaction whether it is your relationship with music or anything else, the need for newness fades. Even in the audiophile hobby - new may be different, more expensive, but not necessarily better.
New isn't always better and the fact that we can linger in the beauty of older great music is actually a blessing that should be appreciated.
I'm not apposed to new music and when I'm exposed to it I give it a try. Do I hunt for it? Probably not. But that's me. If if find a wine I like I'll keep coming back, I'm not anxious about missing out on what I haven't tried.
As many have mentioned, the limited talent of performers in lieu of the shtick or the talented overshadowed by over produced digital electronics, makes it difficult to embrace new music that is not very musical.
I primarily enjoy jazz - i love the old standards and the old performers. In some ways because of the longevity of their artistry. Kind of Blue is old and it is always good. I explore new jazz artists and some I have come to enjoy. Mostly because it still resonates as quality music.
One of the challenges for new music is that there is so much good old music that is still new to me. When I restarted by effort to upgrade my stereo system, the added benefit I garnered the exposure to old music that was new to me.
So for me "Old" music that I am hearing for the first time is the "new". From that perspective, old music isn't killing new music. Good music regardless of date stamp will always trump the bad, not matter how new it may be.
Music content is not different than the rest of the content that is produced now to fill our every available minute. Video streaming - it's great to have options for streaming video. But we've all seen the number of really, truly bad content aired to fill the space. That means that there is a lot of really poor quality new stuff on the market. so when you find something really good that resonates, we gravitate toward it.
The answer to the question may be: stop trying to just be new and try to be better. That will get my attention.