Even if adjusted for inflation, it seems middling rather than "nowhere near what it was" and it seems to grow as well.
The 90's were an outlier IMO, because we got CD's for easy distribution but it was before the internet and especially smartphones were widely available.
Companies like Spotify and Netflix basically hinge on being more convenient than internet based piracy, radio, ad supported streaming etc.
The early CD era represented a pre-web period where people were not only making regular run rate music purchases but also replacing some amount of the vinyl they already owned. (And cassette as sibling post mentions.)
The 90's were an outlier IMO, because we got CD's for easy distribution but it was before the internet and especially smartphones were widely available.
Companies like Spotify and Netflix basically hinge on being more convenient than internet based piracy, radio, ad supported streaming etc.