It isn't about "is hip hop dead?" fam.. For me, I'd say the real question is "Why are the audience sleeping on real talent real lyricism and not focusing on them at all"
There are many talented young freaks out there, lyrical beasts and true beats murderers.. Likes of A-F-R-O, Chris Rivers (Big Pun's son).. And there's still many hip hop figures who still make songs to this day: Immortal Technique (though his next album is about to drop soon but nobody knows exactly when LOL), Vinnie Paz, Common, R.A the Rugged Man, Kool G Rap (He made a heavyweight album with Necro calles "Once Upon A Crime"), Redman, Method Man...
Many DJs are still keeping it live, Dj Premier is still doing his thang, Tony Touch...
Hip hop is still hip hop! But the media isn't attracting people the way it did back then, that's why it became unpopular.
And people are no longer motivated to be a top lyricist like Rakim, MF Doom, Big Daddy Kane, Kool G Rap, Nas...
All they want is the mony and the fame, and with the slightest effort, that's what's wrong in the industry