I tend to agree and would have said the same thing about the era of giant culture-defining pop stars, but Taylor Swift has thrown that theory for a loop. So this may be a phase.
I'd say she's a pre-fracturing artifact and the odds of a successor are slim, but I'll hedge that by saying I don't think music consumption is the same as books/movies/TV/games.
I think we fundamentally consume music differently and crave a different type of community experience to accompany it.