Not a chance... It's alive a well, people are still buying the music, buying merchandise, and attending performances. Maybe in a mainsteam sense the genre isn't as visible but its still a big genre. Alot of indie bands are going alot further now as well.
I'd say rock is still alive. BUT the money is really all in touring now. Aside from the occasional Vinyl-head few people actually pay for their music these days. It's just far too easy to download for free. On a positive note, I think these bands should tour more. Rather than just producing one album every five years and hoping that it sells.