It's certainly a popular refrain. Stores are closing, but this may be due to the internet. Much high end gear is so expensive that saving 10% amounts to real money.

I wonder how they know it's dying? Yes the old magazines seem dead, but they may have died because their content became more and more superficial, most of the reviews were gushingly positive - drek. Yet the big names in equipment are still there, new models on a regular basis, you don't do that if you're going broke.

Anyway I see lots of vendors for high end gear, SACD lives on in spite of Sony, turntables are experiencing a resurgence. Things may be better than they look.