Stuff costs too much to make and promote now compared to the old days. Not just music, everything: movies, games, TV shows. You need huge ad campaigns, and especially for visual media you need ridiculous special effects and setpieces which take a lot of time and money to make.
The result is that you need funding from a big studio or publisher to pay for all that, and they don't want to risk their money on something that the public might not like. Look how many very big budget movies recently have not done well at the box office: The Lone Ranger has made $150mil but had a budget of £225mil, Jack the Giant Slayer came close to breaking even. Don't forget World War Z, After Earth and now RIPD which just aren't doing well.
Over on games, Call of Duty is the biggest thing so every other game maker is trying to make a game like Call of Duty, and none of them have succeeded (Medal of Honor was terrible, as was the Call of Duty-style single player mode in Battlefield 3, while THQ's bankruptcy was partially due to how much they spent trying to beat CoD with Homefront)