Here's my take...
If the product (music) is the same then what has changed is how people listen to it. 50 years ago I used to listen to KMOX when the Cardinals played the Pirates just to hear their side of the game. I used to listen to CKLW, WCFL, WOWO, and the big three New York stations as well as Boston and Philadelphia. Anyone remember WAPE, the "Big Ape" out of Florida? Heck, even Starbuck mentions BCBDX with their "I play the radio on Southern stations" on "Moonlight Feels Right". If you tuned around you were rewarded with music that KDKA, KQV, and later on WIXZ didn't play.
So today, I tune around the band and the programming is expectedly bland; Disney, talk radio, the Clear Channel wannabee at 620, and the vintage Motown at 1550. Don't make fun of that four-watt night time signal; WCOL used to be gone outside the I-270 beltway on winter nights.
There have been a steady stream of letters to the editor at the Post-Gazette lamenting the format change at WJAS. Myself, I don't like the WWSW copycat music list at 620. A lot of people like the Carpenters along with the others that got shuffled to the back of the bus, only to be played upon request (for now).
I am 59, my wife 60. We recently bought a new Jeep with Sirius XM. My wife listens to that pretty much exclusively, preferring Hits One, 70s on 7, 80s on 8, the Bridge, Love, and Margaritaville. Why? You hear songs that don't get played on Clear Channel stations and you can't set your watch by the next Skynyrd song.
AM has its well-known limitations, but listeners will work around these limitations if the content makes it worth it. Having an FM translator helps make up the difference but filling it with Clear Channel-style programming is a waste. WWSW has a far better signal than WKHB or WKFB or any of the 10 watt translators so why shouldn't I listen to the best signal if the content is all the same?
And yes, I have my own "radio station". It cost me $20 at Auto Zone, and I plug my mp3 player in it on my way home. I "discovered" these one morning when death metal began playing on 94.1 at a stoplight.
Yes, it's a business that has to pay the bills, but terrestrial radio is losing out because of content, at least in my house. My wife will gladly pay the Sirius fee because the variety and content make it worth the cost.