Unfortunately, this article is accurate

What is an audiophile? Someone who cares about sound. Nothing about $-amount, medium, or social aspect. 

I know one person under 35 who cares about soundstage with nice little set-up (active speakers and TT). Nobody in my age bracket >50 cares about audio, except a friend who happens to own a high end store. When I was <35 I had no money to spend on audio, now I have $ and spend some. So the old audiophile come and go, it is a steady state system. Also look at Robinson or cheap audio man channels, plenty of activity there. Also plenty of young folks at record stores.

I would be happy for audio bling to die. I see no point in spending that much although I could afford it.

Back in the 80s, audio was not social, nor is it today. So nothing changed.

Bottom line, much ado about nothing.

Although the article makes valid points, let us be honest, our hobby is not crucial to the survival of our society.  Kids can't read, write, or even count change at the grocery store.  Many teens don't see the need to drive cars.  They don't know how to play.  Oxycontin has created an addiction problem unprecedented since nineteenth century China.  Social interaction has been interrupted for an entire generation by the pandemic.  Young people are more comfortable on line or on the phone than they are face to face, even with their peers.  As a grand parent it is difficult for me to worry about my family not getting excited about my hobby.

I don't think all the reasons are true.  Today, the quality of audio at lower price points is outstanding.  For not much money, a system can be built that sounds amazing, albeit not with the high-end exclusive brands.  And, small systems are engineered to sound great as are the electronics that measure great and sound great.  Sure, these systems don't compete with our large, high-end separates, but for the size and price, there has never been better gear and sound at low prices.  

The biggest factor is just the changing preferences of society.  They still love music, but want mobile music that travels with them.  That's common with music, videos and gaming.  There is also a demand for more immersive, interactive, dopamine-releasing events/experiences.  In some way, the audio world could do more to up its game to appeal to younger audiences.  I am happy with my situation and set up, but there is a lot of competition for the next generation's attention.  

”Janica is an Audio Writer at Headphonesty. Her long-term experience as a church choir member has deeply enriched her understanding and appreciation for music and its intricate details.

Building on this foundation, she further honed her expertise in the audio domain, becoming a go-to voice for insights into sound quality and musical experiences.

With a unique blend of personal passion and technical understanding, Janica delivers clear, concise, and insightful commentary on a wide range of audio topics, guiding readers through the complex world of sound.”                                                  - So here is the author’s awesome bio , a true expert in the audio field. This is some laughable , youth driven click bait reporting. 

  To the Ops point , I do believe that there is less interest in the big systems we had in our youth. I have 3 adult children and they all use Spotify not Tidal or Qbuz. I gave my son a vintage Marantz receiver and a pair of Klipsch KG’s and a Bluesound Node streamer.  I signed into my Tidal account for him to use. I gave my oldest daughter a Sansui receiver and a pair of Klipsch Heresy II’s and a Schiit DAC to stream from her phone. My younger daughter was gifted a full Sonos system from her husband. I gave her an entry level TT I bought online. What I see with them is it’s less of a priority to listen and an even lower priority for the large amount of space it takes up. Now add in a toddler and everything gets more restrictive. During this period the stereo is off and it’s a portable Bluetooth speaker. But you really don’t need high fidelity to listen to Casper Baby Pants singing about dancing hippos. 😆 Cheers , Mike B.