...the music which obsesses us is likely to be outsold by bands playing 1950/60's rock n roll covers.

I wouldn't be surprised. When I played in a 1950s-style rock'n roll trio in the '80s and early '90s, we got 2-3 bookings a week all over the south-east, playing in working men's clubs, pubs, Legions, etc., and nearly always had a full house. We used to kick off with the Everley Brothers' "Walk Right Back" - and watch all the toes tapping in the audience...