@tony1954 -- I think it's quite relevant to look at where things were in the past and how they've evolved. Today we have streaming as the primary way of listening to music. The music industry now gets 84% of its revenue from streaming. 82 million Americans have paid music subscriptions and they listen an average of 75 minutes a day (per Midia statistics.)
And, even in 1977, lots of people just listened to music on the radio which provided a constant flow of hits. In fact, FM was still relatively new at that point and gave better sound quality than AM. I think you also had a lot more music stations to choose from in those days versus all of the talk radio, sports stations and like that fill the radio spectrum these days.
I'm perfectly happy that CDs and LPs are still available and hope they continue to be so for those who prefer those formats. But, it is also unlikely that either format will return to its former dominance even if they continue to grow.