No doubt today we have more tools at our disposal to distract ourselves but regardless reading is still the highest bandwidth method of transmitting and retaining information and its not going away until a better method is found.
The proposition I disagree with is the idea that people don't read as much or to the same extent as the "good ol days", which I think is false. There are a lot more people now, maybe the frequency as a percent of the total population is lower, but in aggregate numbers there are more people reading to a greater extent than ever before living right now and the demand for books/reading material has never been higher in the history of mankind.