Audiophile listening isn't dying. The music worth listening to is old, just like the audiophiles who listen to it. We are a dying breed of connoisseurs, soon to be extinct.
People have mentioned the lack of attention span and the inability of youth of today to actually sit and listen to music for the sake of listening. But I also wonder about whether the music contributes to that. I grew up in the late 60's and 70's, which I consider to be the "golden age" of rock. Classic rock and jazz are the genres that I listen to. I can listen to the Doors, Hendrix, Led Zeppelin, Tull, Yes, etc. forever. In 20 years, is anyone going to want to listen to hip-hop, rap, Taylor Swift, Steve Aoki, etc.? Doubt it. Current music just doesn't have the staying power of the classics and so why listen to it on a $50K+ system. For me, I love listening to classic rock and jazz that sounds like "you are there." I always have appreciated great stereo since my college days in the '70's, and that has been a passion since then. The realism of a fine system in the 70's hooked me in about 1975. But in those days, we didn't have 100+ TV channels, YouTube, personal computers, smartphones and all of the other distractions. Then, it was music, hanging out, smoking pot, and going to movies. For people growing up now, there are so many distractions. The more distractions, the less important the "hobby" of listening to music for the sake of music, as compared to background. My step-son appreciates listening to my stereo but is never going to buy similar equipment. I suspect that he won't appreciate it even when I leave it to him. Bottom line, I hope that there will be a new generation that appreciates fine audio equipment, but I sadly suspect that we are a dying breed.