It certainly is different. I'll give you that. IIRC, there's still one lone Blockbuster video store open, so one could argue that there's "still is a business renting physical copies of movies. It's just different."
It is an imperfect analogy, to be sure. The infrastructure built up around broadcast radio is entrenched - with towers, licenses, and government agencies all still firmly in place - but the real question underlying the OP question of "is live and local radio dead" is...what are we going to do with all of that?
Are we going to continue chipping away at the business until it is a quaint reminder of what it used to be like that lone Blockbuster store, or a temporarily resurgent trend like vinyl record sales? I hope not.
Shout out to vw86's post above for encapsulating the appeal of live and local radio, and as I often do, I must strongly disagree with Mr. Eduardo's prior statement:
Because they've been trained via consolidation, voice tracking, and syndicated shows to believe that the "one way friend" no longer exists. Of course that middle school kid in Ohio or Michigan or (checks sub forum) Sacramento isn't going to consider the voice-tracked jock from a "hub" at corporate HQ that reads a liner card and does a "tease/payoff" in order to squeeze an extra quarter hour to be a "friend." Why would they?
One of my formative experiences in the business was when - as a baby DJ - I met one of my favorite jocks. I offered my hand and said 'I grew up listening to you." He looked at me disdainfully, said "yeah, you and everybody else, kid" and walked away. I carried that with me, and when I finally did find some success, I went out of my way to not be that guy. I always had time for listeners, especially young fans, and when someone came up to me and said 'I grew up listening to you" I went out of my way to thank them.
Radio has become that cold, indifferent guy I met so many years ago.