Maybe this is a dumb take, but how much of this is just demographics? Countries are getting older as birth rates decline, so you would expect a decline in things that skew younger in the audiences they attract.
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I don't think it's a dumb take at all. It makes sense to me, especially together with housing unaffordability, which affects the disposable income of young people the worst.
Also the people who go to raves aren’t helping with this, as most of them aren’t family focused. They have to get outsiders to join their subculture.