Yes that is certainly true.
Of course, plenty of bands are still doing complete concept type albums but that’s not really a formula for success in sales.
As far as I can tell most people don’t even have full size stereo systems in their house anymore. It’s all Bluetooth through a sound stick. I’ve always been a low budget audiophile so we still have the full set up in the living room. We still have a ton of CDs and of course my record collection and listen to both frequently.
Yes, of course we also will listen to Pandora and Spotify at times because of convenience. As far as digital files go, I only have “lossless” files on my hard drive and a lot of those are 24-bit that I play through a DAC from my computer to my stereo
When people say they can’t tell the difference between streaming/MP3 versus higher quality formats they are either not trying or not interested in better sound. That’s fine, as long as they’re happy with their music.