I don't think that's true at all.
Look at this list (winners in bold). I'd say three of those at the most are no longer around.
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the_rhyme_minister has a little bit of gold and a pager,
Fri 12 Sep 2008, 11:07,
archived)
I get this feeling too.
Most of those bands are still releasing good shit now. But thankfully M People aren't :D
(
Redsushi! Whoop! Whoop! Yes, that one!,
Fri 12 Sep 2008, 11:30,
archived)