I think this is a bit more complicated than that. There's more music and video being made today than ever before and social media is how it gets distributed. Attentive time spent on streaming platforms is completely dwarfed by social media. If at all, people have something streaming in the background while they barely pay attention to it and instead focus on their phones.

This aligns with the broader historical trends of the internet creating deep niches. You have to take the good with the bad. We wouldn't even be discussing physical media at all without the internet being how it is. Despite there being a large audience for physical media, they're not the majority. The majority has moved on.