Speaking from a musician's standpoint... ALL genres of MUSIC are suffering, and it's only due to get worse.
Mainstream? There IS no mainstream anymore. Musicians are finding ways to get their music out to the public other than the corporate (Clear Channel owed) radio of old. In their defense? They HAD to. The label industry was so tight-fisted about the money they were making; they didn't budge... and they COULD have... so technology (online downloading) taught them a thing or two.
Sure, some labels still make money, but they make it with what sells now. They hand pick their next radio stars and make sure they're cute enough to get endorsements from Coke, or Nike, or Adidas, so they can still make a decent profit off all the royalties. Talent is just an added bonus. Pitch correction has made anything possible.
Most good musicians aren't in that race. They don't care to play the game, so they're doing something different. Sure, no one is making NEAR what they used to, but musicians never made CRAP anyway, unless they toured. Touring is the new music outlet or record store. It's almost as if the internet is the 'underground' source, and then instead of buying the record, you go to a festival and spend your money on seeing them in concert. It has evolved into a free-for-all rush to put mediocre albums out (see below), and get enough gigs under your belt to play as many festivals as you can.
The quality of recordings and production has gone in the toilet, anyway. There's no way to fund an album that sounds great without the financial backing of a label, but, what's more... people don't give a shit. It only has to be recorded well enough to sound good on an IPOD, or some crappy computer speakers. The days when people might strive to achieve the next "Rumours" album are gone... (and don't give me that "I'm old" bullshit because I used that example. I was 2 years old when that record came out). Sadly, no one cares what things sound like on a nice stereo in 5-1.
Like everything classic, I really hope that geniune, raw, talent will come back around to kicking ass and taking names. The digitization of music has pissed me off so much that I want to puke. No more radio for me.... but then again, I'll still be recording on my 8-track in 10 years. LOL.
If you're looking to find good music, you should really consider going to some festivals. You would really be surprised how big some of them are getting. Bonnaroo, the ACL Music Festival, there are tons... look for them. If you're broke, at least look at the line-ups, and find those bands online and check out their myspace pages. You might be surprised.