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You're talking more about 'musical genius' than musicianship. At least that's how I'm taking your comment.
I would have to agree. Like who are the modern geniuses in the 21st Century. Kanye, Beyonce, I guess you could say Pharrell, Kendrick?, Lauryn?, Jack White?, Danger Mouse?, Lady Gaga?. It seems to be a shorter and less impactful list than in the later half of the 20th Century for sure.
I'm not sure why that is tho. One reason could be that those geniuses (Beatles, Miles, Jimi, Stevie, Prince, MJ, Aretha, George Clinton I guess you could say as well, Radiohead) became what they were is because they came across during times where there were big shifts in the overall culture and the technology of music making.
But there just haven't been any recent developments in technology or culture which generate those conditions which make that kind of genius possible.
Also, there isn't traditional artist development like there was so musicians like Stevie or MJ don't spend years around the music industry and educate themselves informally. So, they don't have the years to spend crafting their voice to go along with their high level of musicianship. Like, even Jimi spent some time in the Chitlin Circuit just playing random gigs and learning his craft, which wouldn't really be possible today.
I think in the past the artist's sound was what was marketable as opposed to relatability. So, artists aren't rewarded for innovating like the artists in the 20th century were.
Some of that is because the amount of money coming into the industry is less than it was in the days when people still bought albums in big numbers. Like how often do you hear about really big budget albums anymore? I feel like My Beautiful Dark Twisted Fantasy was the last one, which turned out to be legendary and also very expensive. Without those large budgets, I don't think artists have the time to obsess over their music to create great work.
I'm not sure if I'm answering your question but this is just what came to mind.
<--- Me when my head hits the pillow
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